Tuesday, November 19, 2019

JLL secures $32 million refinancing for The Hampshire Companies

Veterans Square Town Center530-560 New York Avenue, Lyndhurst, NJ

MORRISTOWN, NJ – JLL announced it has arranged a $32 million refinancing for Veterans Square Town Center, a fully leased, 136,928-square-foot, grocery-anchored retail center in the Northern New Jersey community of Lyndhurst.

JLL worked on behalf of the borrower, The Hampshire Companies, to secure the 10-year, fixed-rate, non-recourse loan through PGIM Real Estate Finance. Loan proceeds will be used to refinance an existing loan previously arranged by predecessor HFF, which was acquired by JLL on July 1, 2019.

 Originally constructed in 2000, Veterans Square Town Center was expanded from its original 113,178-square-foot size in 2013. 

Jon Mikula
The property is fully occupied by 13 tenants, including the ShopRite anchor along with HomeGoods, PetSmart, Supercuts, DaVita Kidney Care, GNC, Diamond Exchange and World Martial Arts Academy. 

Located at 530-560 New York Avenue in the center of Lyndhurst, the property is in the Meadowlands Retail submarket within the greater Northern New Jersey market. 

It is also in Bergen County, the most populous county in New Jersey. The shopping center’s surrounding area has strong demographics, with approximately 183,000 residents across roughly 70,000 households living within a three-mile radius.

The JLL Capital Markets team representing the developers was led by Senior Managing Director Jon Mikula, Managing Director Michael Klein and Analyst Connor Van Cleef.

Michael Klein 
“While retail has been a challenge with the rise of e-commerce, necessity retail, especially grocery-anchored, continues to flourish and be in demand for institutional lenders,” Mikula said. “PGIM Real Estate Finance appreciated the strength of the Shop-Rite operator and the borrower’s deep experience in the retail space.”

“PGIM Real Estate Finance quickly recognized the exceptional demographics, long term tenancy and the incredible draw that ShopRite has on the center,” Klein added. “As a result, they provided the borrower with very attractive loan terms and rate and were fantastic to work with throughout the process.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

 Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow the company on Facebook (facebook.com/hampshirere), Twitter (@hampshireco), and LinkedIn (linkedin.com/company/the-hampshire-companies).


Jon Mikula, 
JLL Senior Managing Director
Phone: +1 973 549 2000

 Kimberly Steele, JLL Digital Content/PR Specialist
Phone: +1 713 852-3420
Email:  Kimberly.Steele@am.jll.com

New Silver Funds a $2.6 Million Refinance in Connecticut

Alex Shvayetsky
New Silver (https://newsilver.com/), the data-driven hard money lender for the real estate economy, has successfully completed a $2.6 million refinance of a 50 unit commercial apartment complex in New Britain, CT. 
New Silver is an established lender providing tech-focused financial solutions to real estate investors. 
This commercial loan represents a foray into a slightly different space for New Silver, which typically works with residential properties and fix and flip projects.
“While residential properties are typically our forte, the team at New Silver is excited to be venturing into the small-balance commercial space, funding loans of up to $5 million," said Alex Shvayetsky, partner, New Silver.
 "Our plan going forward is to approach the commercial property sector and offer borrowers the same benefits that our residential market borrowers have come to depend on.” 
New Silver offers fast closing and terms up to 24 months for real estate entrepreneurs, and have a variety of loan products available, including ground-up construction, fix and flip loans, fix and rent loans and cash-out refinance loans. 
These services are available to borrowers located in Connecticut, Massachusetts, Rhode Island, New York, Florida and New Jersey. Catering to both single and multi-family residential properties as well as small balance commercial properties, New Silver can help entrepreneurs fund their next real estate project quickly.

Corey Kosiensky 
New Silver has a track record of working with clients like Property Manage CT, whose Principal Corey Kosiensky shared this testimonial:
“As a seasoned investor, I have worked with dozens of lenders. I have done a few deals with New Silver in the past year. They truly have programs for everything. 
"I have done a buy fix and flip in Southington, CT. I buy and hold a second beach home in Clinton, CT. A commercial property to buy and rent in Meriden, CT. A 7 figure cash-out refinance of a 50 unit complex to bridge rehabbing and partnership buyouts. 
"The process is high tech in regards to being able to go online to get POF letters and work through underwriting electronically. The customer service is great with Alex and Guy constantly communicating and pushing the deals along. 
"My net worth has gone up over $1.5 million on deals that I have done."


Kathy Berardi