Holliday Fenoglio Fowler (HFF) arranged a $31 million refinancing for Veterans Square, a 136,928 s/f, grocery-anchored community retail center in the Northern New Jersey suburb of Lyndhurst.
HFF worked on behalf of the borrower, The Hampshire Companies, to place the fixed-rate loan with Nationwide Real Estate Investments. Loan proceeds will be used to effectuate an internal transfer of the asset. Completed in 2000 and renovated in 2012, Veterans Square consists of four one-story buildings and features 710 parking spaces, of which 150 are licensed from NJ Transit. The 97.2 percent leased center is home to 13 tenants, including ShopRite, Supercuts and PetSmart.
Situated on 12.31 acres at 530-560 New York Avenue, the center is in the heart of a densely populated residential neighborhood within walking distance to both the Lyndhurst train station and several New Jersey Transit bus stops.
The HFF debt placement team was led by senior managing director Jon Mikula and director Michael Klein. “Grocery-anchored shopping centers located in densely populated communities such as Lyndhurst are highly sought after by life insurance companies,” Klein said.
“Nationwide was already intimately familiar with the asset, so they were easily able to close within a short closing window.”