The loan, which was placed with American National Insurance Co.,has a 17-year self-amortizing term, according to Stewart. Theborrower, a local ownership group, declined to be identified.
The center itself, located on a site of just over 20 acres alongRoute 46 in this Meadowlands submarket town, is comprised of twobuildings. The first, which contains nearly 183,000 sf, includestwo of the shopping complex's anchor tenants, a 100,000-sf Linens'n' Things and a 50,000-sf Office Depot. The building also includesseven inline tenants, including national chains Applebee'sRestaurant and Dunkin' Donuts.
The second building totals just under 75,600 sf of space, and isfully occupied by the center's third anchor tenant, Toys 'R' Us.Toys owns its own building and is under a ground lease for itsspace.
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