CLARK, NJ—The Provident Bank has closed a $55 million loan for the development of a new, 244,450 square-foot shopping center in Clark, NJ. Krame Development will develop 27 retail spaces housed in seven buildings on the 28-acre parcel of land located on the former US Gypsum paper plant site.
Construction is expected to be completed in late spring 2015 with opening slated for August. The center is 100 percent leased, including Whole Foods and Home Goods as anchor tenants, along with L.A. Fitness, Michael's, Petco, Ulta, Modell's and Party City. Provident and M&T Bank provided construction financing with Provident as administrative agent. Gregory Lamb handled the transaction on behalf of Provident.
"We have attracted the most desirable National and Regional tenants to this project due to its superb location and the quality of construction," says William Krame, president of Krame Development. "We went to great lengths to select retailers that will complement each other and appeal to a broad section of the local population. Furthermore, we designed the project to make it pedestrian friendly and a true community shopping experience."
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
