VOORHEES, NJ-CB Richard Ellis Capital Markets Debt & Equity Finance group senior vice president Enoch Lawrence and senior analyst Rayna Karaivanov have secured $12.6 million to recapitalize the existing financing on the Lowe’s Home Center located at 144 Rt. 73 N. here. The permanent, self-amortizing loan was funded by CTL Capital with a 5.47% interest rate.
Although the property is subject to a ground lease, the lender was able to structure around several lease and land ownership issues. The 168,382-square-foot, single-tenant property was built in 2009 and is 100% occupied.
Located at the Cedar Hill Shopping Center, other tenants here include a BJ’s Wholesale Club and A.C. Moore. Development and property management services for the Center are provided by Trefoil Properties LP on behalf of its affiliated Mid-Atlantic real estate fund, Spectrum Alliance LP.
The asset is considered a destination retail location due to the high density of commercial developments in the area, says CBRE. It also benefits from a prime location directly across the street from the new 1.5-million-square-foot Virtua hospital.
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