WATCHUNG, NJ–Fidelity Land Development Corp. has obtained a permanent first mortgage totaling $92 million for its Watchung Square Mall here. The loan was secured for the Chatham-based owner of the mall by James Gunning, senior director, and Donna Falzarano, vice president at CBRE | Melody's Saddle Brook, NJ office. The funding was provided by AIG Sun America.
"The 20-year fixed-rate permanent first mortgage offered the borrower a low cost of capital without any interest rate risk in the foreseeable future," Gunning says.
Built in 2001, Watchung Square Mall is a 560,702-sf, open-air regional shopping center made up of two primary buildings on an 80-acre site along US Route 22. The 100% leased property is anchored by Wal-Mart, Stop & Shop, Bed Bath & Beyond, TJ Maxx, Borders Books and Old Navy. Home Deport and Target occupy separately owned freestanding sites, acting as shadow anchors for the property. Watchung Square Mall and the Home Depot and Target stores combine to make up a total of 815,000 sf of retail space at the site.
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