The Hampshire Companies Land $32M Retail Refi Deal
PGIM Real Estate Finance provided the 10-year, fixed-rate, non-recourse loan for the 136,928-square-foot, grocery-anchored retail center in Northern New Jersey.
LYNDHURST, NJ—The Hampshire Companies has secured $32 million in funding to refinance its fully leased Veterans Square Town Center here.
PGIM Real Estate Finance provided the 10-year, fixed-rate, non-recourse loan for the 136,928-square-foot, grocery-anchored retail center in Northern New Jersey.
JLL worked on behalf of The Hampshire Companies in the transaction. Loan proceeds will be used to refinance an existing loan previously arranged by JLL predecessor HFF, which was acquired by JLL on July 1, 2019.
The JLL Capital Markets team representing The Hampshire Companies was led by senior managing director Jon Mikula, managing director Michael Klein and analyst Connor Van Cleef.
Originally constructed in 2000, Veterans Square Town Center was expanded from its original 113,178-square-foot size in 2013. The property is fully occupied by 13 tenants, including the ShopRite anchor along with HomeGoods, PetSmart, Supercuts, DaVita Kidney Care, GNC, Diamond Exchange and World Martial Arts Academy.
Located at 530-560 New York Ave. in the center of Lyndhurst, the property is in the Meadowlands retail submarket within the greater Northern New Jersey market. It is also in Bergen County, the most populous county in New Jersey. The shopping center’s surrounding area has strong demographics, with approximately 183,000 residents across roughly 70,000 households living within a three-mile radius.
“While retail has been a challenge with the rise of e-commerce, necessity retail, especially grocery-anchored, continues to flourish and be in demand for institutional lenders,” Mikula says. “PGIM Real Estate Finance appreciated the strength of the Shop-Rite operator and the borrower’s deep experience in the retail space.”
“PGIM Real Estate Finance quickly recognized the exceptional demographics, long term tenancy and the incredible draw that ShopRite has on the center,” Klein adds. “As a result, they provided the borrower with very attractive loan terms and rate and were fantastic to work with throughout the process.”