LODI, NJ-Owner JMP Holdings Inc. of Clifton has picked up a $19.1-million permanent loan for the recently completed freestanding ShopRite supermarket at 147 Main St. here. Just completed in July and consisting of a total of 71,023 sf of space, it was built for JMP Holdings by Century 21 Construction, also of Clifton.
The 10-year, fixed-rate securitized loan was provided by Principal Global Investors. Replacing interim financing, the funding was arranged by Thomas Didio, senior managing director, and associate director Michael Klein of the Florham Park office of Holliday Fenoglio Fowler.
"The new ShopRite completely transforms this city's Downtown," Didio says. "This supermarket, and the future retail to be built along Main Street, will revitalize the area."
"The Lodi ShopRite is already one of the best performing stores in the chain," says Joseph Marino, president of JMP Holdings.
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