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| Jon Mikula |
FLORHAM PARK, NJ – HFF announced it has arranged a $10.4
million financing for a 56,304-square-foot, free-standing A&P supermarket
and Sonic Drive-in ground lease in Tinton Falls, NJ.
HFF
worked on behalf of The Hampshire Companies to secure the 10-year, fixed-rate
loan through Spencer Savings Bank. Loan
proceeds were used to acquire the fee interest and refinance existing debt on
the leasehold interest. HFF originally
placed the loan on the leasehold with Spencer Savings Bank in 2011.
The property is located at 994 Shrewsbury Avenue at its
intersection with Route 35 in Tinton Falls, a suburban town in eastern Monmouth
County, New Jersey.
The HFF team representing the borrower was led by senior
managing director Jon Mikula, director Michael Klein and real
estate analyst Michael Cerulo.
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| Michael KLein |
“This was a loan that Spencer Savings Bank already had on
its books and was eager to keep given the strength of the sponsorship and
quality of the real estate,” Klein said.
“The transaction enabled The Hampshire Companies to extend its existing
loan on the property and secure attractive long term acquisition financing on
the fee interest.”
For a complete copy
of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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