FLORHAM PARK, NJ-HFF has arranged an $11.75 million refinancing for Greentree Square, a 110,296-square-foot shopping center in Marlton, NJ, that is anchored by a Whole Foods grocery store.
HFF worked exclusively on behalf of the borrower, Mainardi Management Co., securing a 10-year, fixed-rate loan through Allstate Investments, LLC. The loan replaces a first mortgage that had been arranged by HFF, and the company will service the new loan.
“The property is an example of how aggressive lenders will get to originate low- leverage retail loans in our market,” says HFF senior managing director Thomas Didio, who led the team for the refinance project along with senior real estate analyst Michael Cerulo.
Greentree Square, a 12.3-acre property that is 92 percent leased, is located just 10 miles east of Center City Philadelphia, at the intersection of Greentree Road and Route 73 in Marlton. Besides Whole Foods, TGI Friday’s and Citizen’s Bank occupy sites at the center.
The family-owned and operated Mainardi Company, based in Wayne, NJ, is a commercial investment, management and leasing firm that had its origins in 1929. The firm currently manages about 1.25 million square feet of commercial space in the New York metropolitan area.
HFF, a leading provider of commercial real estate and capital market services, has been active in the refinance of several New Jersey properties recently. In the past week, a refinanced loan was also arranged for the Grand Adams apartment building in Hoboken.
The HFF team representing Brookfield Real Estate Financial Partners on the refinance of five multi-family properties including several in the Washington, DC area was led by senior managing directors Bob Donhauser and Bill Asbill. Both the Hoboken and DC-metro deals totaled $400 million in volume.
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