JLL Capital Markets has arranged $290 million in refinancing for a one-million-square-foot shopping center in Paramus, New Jersey, on behalf of Urban Edge Properties. New York Life Insurance Company and MetLife Investment Management funded the loan.
The financing comes amid an active week of lending activity, with Silverstein Capital Partners funding a roughly $528 million loan for the development of The Park on Keeaumoku, a planned 972-unit mixed use development in Honolulu; and a consortium led by Aareal Capital and Credit Agricole originating a $500 million loan on 919 Third Avenue in New York on behalf of SL Green Realty.
The JLL Capital Markets debt advisory team was led by Scott Aiese, Claudia Steeb, Jon Mikula and Alex Staikos.
Aiese described the Bergen Town Center property as a best-in-class asset that is part of one of the strongest retail submarkets in the US. Bergen Town Center is 97 percent occupied, with 70 tenants. About 44 percent of the mall’s tenant base is classified as institutional quality and includes anchors Whole Foods and Target as well as ULTA, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M and other retailers.
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