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FREDERICK, MD-First Real Estate Investment Trust of New Jersey (FREIT) has refinanced one of its Maryland holdings here, a 257,591-sf, grocery-anchored shopping center, for $22 million.

The New Jersey office of Holliday Fenoglio Fowler arranged the financing package for the Westridge Square Shopping Center. After its original purchase, the company substantially increasing the property’s net operating income and value through renovation and re-leasing strategies. At the time of the refinancing’s closing, HFF senior managing director Thomas Dido, tells GlobeSt.com, the property was fully leased and stabilized. “The space formerly occupied by Westridge Cinema accounts for the majority of Westridge Square Shopping Center’s vacancy.”

He says he is unsure what the company will do with the proceeds, adding that buying more property is a likely guess. Dido secured a 10-year, fixed-rate permanent loan through Nationwide Real Estate Investments.

Westridge Square Shopping Center is located on Route 40 near the junction of Interstate 70 and 270 in Frederick, some 42 miles west of Baltimore. Tenants including Giant Food as the anchor, Burlington Coat Factory, Outback Steak House, Payless Shoes and Quizno’s.

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