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SOUTH PLAINFIELD, NJ-The locally based New Jersey office of Holliday Fenoglio Fowler, L.P. has secured an $18.9-million refinancing for Golden Acres Shopping Center, a 221,737-square-foot, grocery-anchored shopping center here.

HFF director John Taylor and associate director Michael Lachs worked exclusively on behalf of the owner, Plainfield Associates, an entity affiliated to Polimeni International, LLC, to secure the five-year, 6.25% fixed-rate loan with Investors Savings Bank, the third largest bank headquartered in New Jersey with 65 branches and $8.5 billion of assets. Loan proceeds are being used to retire the existing debt, add decorative retaining walls and repave the parking lot.

Located at 686-736 Oak Tree Rd. along the Interstate 287 corridor, the property is currently 87% leased to tenants including new anchor tenant Pathmark, as well as Big Lots, Apogee Retail and Wendy’s.

“Pathmark’s grand opening in July was a significant step toward the borrower’s long-term successful repositioning plan for the asset,” Taylor says. “Significant hurdles were overcome during the ownership of this asset including the loss of co-anchors, Bradlees and A&P following the property acquisition in the late 1990s. The borrower remained committed to the asset and is now poised to see the benefits of its efforts, as is the South Plainfield community, with a revitalized shopping center.”

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