HFF Arranges $4.35 Mil Loan for Retail Property

RANDOLPH, NJ-HC Randolph LLC, a joint venture of Hampshire Management Co. and J. Fletcher Creamer & Sons, has received $4.35 million in financing for its Randolph Village Center, a 7.5-acre retail property on Sussex Turnpike here. The package was arranged by Jon Mikula of the Edison, NJ office of Holliday Fenoglio Fowler, the national commercial mortgage banking firm, and the American United Life Insurance Co. provided the funding.

Randolph Village Center is currently adding tenants. Most notably, a 40,000-sf Acme supermarket is under construction, expected to open by next spring. C&S Wholesalers, Inc. had earlier acquired the leasehold for the site from the bankrupt Grand Union chain, and subsequently assigned the lease to Acme (Albertson’s Inc.). And last summer, the Bank of New York took occupancy of a 2,700-sf branch facility at the site.

“When Grand Union went bankrupt last year, this site was highly sought after by New Jersey’s leading grocers,” according to Mikula. “That’s partially because of its location along the Sussex Turnpike, a major commuter route running through Morris County. We were able to close on a full loan prior to the steel going up on the supermarket building.”