Sean Ryan is associate editor of Real Estate New Jersey For more retail coverage, click GlobeSt.com/RETAIL.
HACKENSACK, NJ-The Riverfront Plaza retail development located here has received $27 million in a fixed rate 10-year permanent financing from Wells Fargo Commercial Mortgage. The money will refinance debt on the property.
Alan Goodkin of the New York-based Ackman-Ziff Real Estate Group represented Riverfront Plaza LLC, the company that owns the development, in the negotiation. The principals of JD Construction Corp, a Hackensack-based developer, own Riverfront Plaza LLC.
Doug Mazer, director at Wells Fargo Commercial Mortgage in its New York office, complimented the property as being in "fantastic condition." He notes that JDCC has "maintained an occupancy of at or near 100%" for the development. The 129,192-sf Riverfront Plaza is anchored by a Shop Rite, with 18 in-line tenants including Washington Mutual Bank, Radio Shack, H&R Block and Hollywood Video, as well as two out-parcel restaurants.
Riverfront Plaza was developed in 1998 and completed in 2001, and inhabits real estate close to I-80 and Route 46. JDCC is a family-operated business that primarily handles real estate management, development, general construction and construction management.
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