BARNEGAT, NJ-The Walters Group has obtained an $8.5-million refinancing for its Barnegat Village Square, a 70,491-sf grocery-anchored shopping center here. Walters is a locally based commercial and residential firm.
The funding was provided by Principal Real Estate Investors in a deal arranged by managing director Jim Cadranell of the Florham Park office of Holliday Fenoglio Fowler. Replacing existing debt on the property, the 10-year loan carries a 5.7% fixed interest rate. The 70% or less leveraged financing has a five-year interest-only period followed by a 30-year amortization schedule.
Barnegat Village Square, located on W. Bay Avenue near the Garden State Parkway, is anchored by a Genuardi's Supermarket. Also on-site is a Burger King eatery and 22,000 sf of small shops.
As reported by GlobeSt.com, Walters recently completed site acquisition, paving the way for development of the 320-acre Stafford Park mixed-use development on a former landfill in nearby Stafford Township. The company also recently obtained approvals to develop the 85-acre Whispering Hills residential community here.
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