CHESTER, NJ-The ownership of the Chester Springs Shopping Mall here, Heitman and Ramco-Gershenson Properties Trust, has secured $22 million in financing for the grocery-anchored property.
The three-year loan with a national bank was arranged by HFF, which worked exclusively with the ownership. The loan on the 223,068-square-foot property was secured at a floating interest rate of LIBOR points 175 basis points, HFF reports.
The Chester Springs Shopping Center is 96.6% leased and is anchored by grocer ShopRite. Other major tenants include Marshalls, Staples and CVS.
The HFF team representing the borrower was led by senior managing directors Eric Tupler and Jon Mikula and real estate analysts Kristian Lichtenfels and Michael Cerulo.