HFF secures $100 million refinancing for retail power center in North Bergen, New Jersey
NEW YORK, NY – May 11, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $100 million refinancing for Tonnelle Commons, a 410,015-square-foot, Class A, fully leased retail power center in the New York metropolitan area suburb of North Bergen, New Jersey.
HFF worked on behalf of the borrower, Urban Edge Properties, to secure the 10-year, non-recourse fixed-rate loan.
Completed in 2009, Tonnelle Commons is fully leased to 16 tenants and is anchored by Walmart, BJ’s Wholesale Club, PetSmart and Staples. The property is situated on Tonnelle Avenue (Routes 1 and 9) less than 10 miles from Midtown Manhattan and four miles from the entrance to the New Jersey Turnpike. The center is located at the northern edge of Hudson County – the most densely populated county in New Jersey – and just one-half mile from Bergen County.
The HFF debt placement team representing the borrower was led by managing director Scott Aiese and executive managing director Mike Tepedino.
“HFF used its long-standing lender relationships and proprietary software, to identify the optimal long-term fixed-rate lender for Urban Edge,” Aiese said. “Furthermore, not all retail is created equally; Tonnelle Commons is a 100-percent-occupied, highly performing center due to its infill location and laser-focused management team.”
About Urban Edge Properties
Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the New York metropolitan region. Urban Edge owns 86 properties totaling 15.2 million square feet of gross leasable area.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.