CLIFTON, NJ-Mad River Development, which recently finished construction on its 115,834-sf Riverfront Center shopping complex here, has picked up a $37-million permanent debt loan to complete the financing for the project. The strip shopping center is located on an eight-acre parcel of a larger 22-acre tract along Route 3.
A conduit lender provided the funding, according to senior director James Gunning of CB Richard Ellis Debt & Equity Finance, who co-arranged the package with vice presidents Donna Falzarano and Gregory James. The 10-year mortgage was structured on a 30-year amortization schedule at an interest rate of 6.06%, according to Gunning.
The funding covers a shopping center that was fully leased when it opened recently. The anchor tenants are Bed Bath & Beyond, Michael's Crafts and Pier One Imports. The existing Clifton Commons shopping center is in close proximity, as are such retailers as Costco and Kohl's.
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