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The financing will be used to launch development of a transit-oriented project in East Orange.
Grocery-anchored centers form the base of a 16-property West Coast retail deal.
The Seattle manager this week originated its first mezzanine loans.Â
The 74-story mixed-use property will be the tallest building in Texas when it comes online in 2026.
The manager will use the financing, arranged by Eastern Union, to acquire regional shopping centers in Ohio, New York and beyond.
Ground-floor retail units are on trend in New York as mixed-use provides greater value.
The $500m strategy will focus on bridge opps across most sectors and market sizes.
A three-bank consortium of Investors Bank, Oceans First Bank and Provident Bank provided the loan.
Michael Cale, co-head of debt investment at Allianz Real Estate of America, said the firm is also selectively originating retail loans.
As a return to normal life looms, lenders dig into financing a formerly great asset class.
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