Urban Edge Secures $290M Refi for Paramus, NJ Shopping Center

Urban Edge Properties has secured $290 million in refinancing for Bergen Town Center, a one-million-square-foot shopping center anchored by Whole Foods and Target and located in Paramus, NJ.

Built in 1957, Bergen Town Center is currently 97% leased by more than 70 retail tenants. Investment grade tenancy accounts for 44% of the retail GLA. In addition to its Whole Foods and Target anchors, notable tenants include ULTA, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris. The center provides a weighted average remaining lease term of 6.8 years and a weighted average lease tenure of 9.6 years. The property includes 4,500 parking spaces and welcomes over 11 million annual customers.