MONROE TOWNSHIP, NJ—CBRE completed a $7.7 million first mortgage refinancing secured by Monroe Town Center, a 32,205-square-foot community retail center in Monroe Township, NJ. It's the second time CBRE has helped the borrower finance the asset.
The CBRE Capital Markets Debt & Structured Finance team of James Gunning, Donna Falzarano and Evan Kleppe arranged the refinancing on behalf of Monroe Center Associates. Following a competitive bidding process involving a number of lenders and offers, the borrower selected a CMBS loan with a 10-year term from UBS Real Estate Securities.
Serving area residents for more than 20 years, Monroe Town Center is a firmly entrenched retail strip anchored by a Wawa store rated the 26th highest seller in non-gas locations of the entire Wawa chain. The center boasts a varied roster of tenants that offers local residents numerous dining options, as well as dental and vision services. Several of the property's tenants have been in occupancy since its opening in 1989.
Located at the intersection of Applegarth Road and Prospect Plains Road, Monroe Town Center provides tenants with prime visibility within the burgeoning Monroe community. In addition, the center offers immediate accessibly from Exit 8A of the New Jersey Turnpike and is centrally located between New York City and Philadelphia.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
