Tuesday, May 17, 2016

HFF arranges $31 million refinancing for grocery-anchored retail center in Lyndhurst, NJ


Veterans Square Shopping Center, Lyndhurst, NJ

 
Jon Mikula
FLORHAM PARK, NJ, May 17, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $31 million refinancing for Veterans Square, a 136,928-square-foot, grocery-anchored community retail center in the Northern New Jersey suburb of Lyndhurst.

HFF worked on behalf of the borrower, The Hampshire Companies, to place the fixed-rate loan with Nationwide Real Estate Investments (Nationwide).  Loan proceeds will be used to effectuate an internal transfer of the asset.

Completed in 2000 and renovated in 2012, Veterans Square consists of four one-story buildings and features 710 parking spaces, of which 150 are licensed from NJ Transit.  

The 97.2-percent-leased center is home to 13 tenants, including ShopRite, Supercuts, PetSmart, Davita Healthcare, HomeGoods, GNC, Garden Nails and Gencarelli’s Italian Restaurant. 

Situated on 12.31 acres at 530-560 New York Avenue, the center is located in the heart of a densely populated residential neighborhood and is within walking distance to both the Lyndhurst train station and several New Jersey Transit bus stops. Veterans Square is located in the Meadowlands retail submarket, which is currently 97.5 percent occupied.

Michael Klein

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and director Michael Klein.

“Grocery-anchored shopping centers located in densely populated communities such as Lyndhurst are highly sought after by life insurance companies,” Klein said.  “Nationwide was already intimately familiar with the asset, so they were easily able to close within a short closing window.”

“Nationwide was extremely flexible and creative in solving the debt need for this transaction,” Mikula added.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
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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LinkedIn (www.linkedin.com/company/the-hampshire-companies).

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