WARREN, NJ-The owners of Warren Village Shopping Center have picked up a $17.7-million loan from Citigroup secured by the 62,000-sf grocery-anchored property. For Warren Village Associates, a New Jersey limited liability company, the refinancing will pay off an existing loan and retire construction financing related to a recent expansion.
The refi was arranged for the borrower by Jon Mikula, senior managing director, and Jim Cadranell, managing director, of the Florham Park, NJ office of Holliday Fenoglio Fowler. The fixed-rate securitized carries a 10-year term, according to Mikula.
Located at the intersection of Mountain Blvd. and Mt. Bethel Ave. here, the property's recent expansion amounted to 14,000 sf. More than 90% of the center's total space is occupied by its anchor tenant Kings Supermarket, and other tenants include Starbucks, the UPS Store and Peapack Gladstone Bank. The shopping center is managed by Sterling Properties and Klein's Associates, who are also currently developing Eagle Rock Commons, a 37,000-sf center in Roseland, NJ.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.