Tonnelle Commons, North Bergen, NJ
NORTH BERGEN, NJ—Tonnelle Commons, a 410,015-square-foot, class A, fully leased retail power center in North Bergen, NJ, has a $100 million refinancing, arranged by Holliday Fenoglio Fowler.
HFF worked on behalf of the borrower, Urban Edge Properties, to secure the 10-year, non-recourse fixed-rate loan.
Completed in 2009, Tonnelle Commons is fully leased to 16 tenants and is anchored by Walmart, BJ’s Wholesale Club, PetSmart and Staples. The property is situated on Tonnelle Avenue (Routes 1 and 9) less than 10 miles from Midtown Manhattan and four miles from the entrance to the New Jersey Turnpike. The center is located at the northern edge of Hudson County – the most densely populated county in New Jersey – and just one-half mile from Bergen County.
Managing director Scott Aiese and senior managing director Mike Tepedino led the HFF debt placement team representing the borrower.
“HFF used its long-standing lender relationships and proprietary software, to identify the optimal long-term fixed-rate lender for Urban Edge,” Aiese says. “Furthermore, not all retail is created equally; Tonnelle Commons is a 100-percent-occupied, highly performing center due to its infill location and laser-focused management team.”