HFF announced that it has arranged a $20 million refinancing for Tri-City Plaza, a 108,109 s/f retail center in Toms River, New Jersey.
HFF worked on behalf of the borrower, Paramount Realty Services, to secure the fixed-rate loan through a life company. Proceeds from the HFF-serviced loan will replace existing debt on the property.
The HFF team representing the borrower was led by senior managing director Jon Mikula, managing director Jim Cadranell and associate director Samuel Seiden.
Tri-City Plaza is located on 15.97 acres three miles west of the Garden State Parkway at 2360 Lakewood Road in Toms River, a coastal township less than 40 miles east of Trenton.
Nearly 27,000 vehicles pass the property daily along Route 9. The Plaza is 100 percent leased to 17 tenants, including Super Stop & Shop, Dollar Tree, Starbucks, GNC and The UPS Store. The property was originally constructed in 1999 by the borrower and joint venture partner.