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HFF Arranges $663M in Financings Secured by 16 Properties in NY/NJ

Scott Aiese, managing director, HFF, led the team for the refinancing Scott Aiese, managing director, HFF, led the team for the refinancing

NEW YORK, NY—Holliday Fenoglio Fowler arranged $663 million in financing secured by 15 class-A retail properties and one industrial property totaling 4.6 million square feet in New York and New Jersey.

The HFF team led by New York-based managing director Scott Aiese and senior managing directors Jon Mikula and Mike Tepedino worked on behalf of the borrower, Urban Edge Properties, to secure the 16 separate loans with two CMBS lenders, three life company lenders and one bank.  The loans include 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years.  Loan proceeds will be used to pay off existing CMBS debt and create additional proceeds, while staggering and lengthening the duration of the borrower’s maturity schedule.

The portfolio comprises 98.1-percent-leased retail centers anchored by grocery stores, including ShopRite, Stop & Shop and Aldi; Home Depot; Lowe’s; Costco; BJ’s Wholesale Club and Walmart in addition to one multi-tenant warehouse property in East Hanover, NJ.  The 16 properties are in dense submarkets with affluent demographic. 15 are located in New Jersey and one is in New York.

“This retail financing proves that the capital markets remain highly liquid for assets in dense markets operated by best-in-class sponsorship,” says Aiese. “As lenders remain focused on diversifying their portfolios by asset type and geography, HFF experienced significant interest in the 15 retail term loan opportunities.”

Here is a complete list of the properties in the portfolio:

Property/Deal Name Property City, State
East Hanover Warehouses East Hanover, NJ
Garfield Commons Garfield, NJ
Hanover Commons East Hanover, NJ
Brick Commons Brick, NJ
Union Home Depot Vauxhall, NJ
Freeport Commons Freeport, NY
West End Commons North Plainfield, NJ
Marlton Commons Marlton, NJ
Town Brook Commons Middletown, NJ
Rockaway River Commons Rockaway, NJ
Hudson Commons Jersey City, NJ
Greenbrook Commons Watchung, NJ
Brunswick Commons East Brunswick, NJ
Hackensack Commons Hackensack, NJ
Totowa Commons Totowa, NJ
Woodbridge Commons Woodbridge, NJ

 

 

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