James J. Houlihan, of Houlihan-Parnes Realtors, LLC, announced the placement of an $8,000,000 supplemental loan for Independence Plaza Shopping Center in Hamilton Township, NJ.
The property is undergoing major renovations after being acquired earlier this year by a partnership made up of members of the Jemal family and the Houlihan family.
Four new major leases have been signed with Regal Cinema, Sav-A-lot Supermarket, Crunch Fitness and Ollie’s discount store. Those four leases bring the occupancy of the shopping center back up to 63 percent. Major renovations and additional leasing will follow.
The property had been tied up in a foreclosure for a number of years. The Jemal and Houlihan partnership plan to fully restore the shopping center and bring it back up to 100% occupancy.
Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP, was the attorney for the owners.