EDISON, NJ–CBRE's finance group in New Jersey recently secured a $36 million loan for Festival Plaza, a retail center here that is anchored by an Asian grocery store.
James Gunning and Donna Falzarano of CBRE's Debt & Equity Finance Group handled the refinancing of the shopping plaza after a repositioning of the property was completed. Festival Plaza, the home of the H Mart grocery store and other Asian-inspired shops, is located in one of the state's strongest retail markets.
The recent transaction refinanced the acquisition and construction loan for the 151,429-square-foot property, which is located at 1711-1783 Route 27. The new loan made through Capitol One has a five-year term, with a floating interest rate of 275 bps over Libor.
The borrower is a partnership of Lubert Adler and McCarthy Properties that purchased the former Tops-anchored shopping center in May 2008 and secured a lease with H Mart.
The partnership has expanded and rebranded the center, which draws traffic from an affluent, densely populated area. Festival Plaza is located in the 24th largest of the retail markets tracked by CBRE's econometric advisors. Approximately 280,000 people live within five miles and more than 100,000 vehicles pass through the area on a daily basis.
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