An aging mall in Paramus, NJ—New Jersey's mall capital, a place with more mall parking spaces than residents—has received a new lease on life.
Urban Edge Properties has refinanced Bergen Town Center, a 67-year-old mall in Paramus, N. with a new seven-year, $290M loan.
The loan, provided by New York Life Insurance and Metlife Investment Management replaces 10-year, $300M loan from Wells Fargo that was set to mature this month that had been sent to special servicing before the maturity date.
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