CBRE GROUP, INC.’S NEW JERSEY CAPITAL MARKETS DEBT & STRUCTURED FINANCE TEAM ARRANGES $7.7 MILLION REFINANCING FOR MONROE TOWN CENTER IN MONROE TOWNSHIP, N.J.
MONROE TOWNSHIP, N.J. (July 23, 2015) – CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that its Capital Markets Debt & Structured Finance team has completed a $7.7 million first mortgage refinancing secured by Monroe Town Center, a 32,205-square-foot community retail center in Monroe Township, N.J.
The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe arranged the refinancing on behalf of Monroe Center Associates, LLC, marking the second time that the CBRE team has represented the borrower in the financing of the asset. Following a competitive bidding process involving a number of lenders and offers, the borrower selected a CMBS loan with a 10-year term from UBS Real Estate Securities, Inc.
Serving area residents for more than 20 years, Monroe Town Center is a firmly entrenched retail strip anchored by a Wawa store rated the 26th highest seller in non-gas locations of the entire Wawa chain. The center boasts a varied roster of tenants that offers local residents numerous dining options, as well as dental and vision services. Several of the property’s tenants have been in occupancy since its opening in 1989.
Located at the intersection of Applegarth Road and Prospect Plains Road, Monroe Town Center provides tenants with prime visibility within the burgeoning Monroe community. In addition, the center offers immediate accessibly from Exit 8A of the New Jersey Turnpike and is centrally located between New York City and Philadelphia.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.