HAMILTON, NJ-GS Wilcox & Co. has arranged $17.5 million in financing for Hamilton Square Plaza, a 175,000-square-foot ShopRite anchored shopping center. The funds were used to reimburse capital expenditures of $12.5 million on a major renovation of the 50-year-old shopping center.
The 25-year self-liquidating loan from Northwestern Mutual Insurance Co. has a rate in the low 5% range, says David Fryer, a principal at Morristown, NJ-based Wilcox. Fryer worked on behalf of the property owner, a private entity, and asset manager Levin Management.
But getting the loan while the center was under construction wasn’t automatic. “We went to market in March, when they were just starting the renovation,” Fryer tells GlobeSt.com. “It was an old, old fa
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