FREEHOLD, NJ–Triangle Equities has closed on a $7.5 million loan with CIBC (Canadian Imperial Bank of Commerce) for its 62,000-square-foot retail property, Freehold Raceway Village, in Freehold, NJ. This follows a successful recapitalization of the shopping center in which Triangle took on $5.5 million in debt from the previously existing owner.

Located in the immediate vicinity of the Freehold Raceway Mall, and other centers in this densely populated retail corridor, the shopping center at 200-220 Trotters Way – which was completely vacant before the recapitalization – is now 100% leased.

“We're pleased that the recapitalization we structured in 2012 has been such a success story and that the property is now thriving and will continue to thrive,” says Lester Petracca, president of Triangle Equities. “It's the type of transaction in which we take particular pride – where we add value by embracing complex, challenging circumstances and by implementing creative, workable solutions.”

Several big name tenants have space in the shopping center, including Big Lots, Huffman Koos, Dick's Sporting Goods, Home Depot, Toys R Us, Raymour & Flanigan, and Christmas Tree Shoppes. The spaces boast ceiling heights of 22 feet and offer two pylon signs in addition to façade signage. Triangle replaced the roof of the property and has paid all leasing commissions and tenant improvement allowances.

“We were able to step in and move rapidly to lead a recapitalization that was a winning proposition for all parties involved,” says Brett Goldman, director of acquisitions, Triangle Equities. “This allowed us to provide the property with the necessary capital for us to move forward, while preserving the equity of the previously existing owner.” 

The property was a distressed retail asset that Triangle recapitalized in 2012, enabling the financing of site renovations and tenant improvements for leasing and stabilization. Under the recapitalization, Triangle contributed $5.5 million in capital, formed a joint venture with the existing ownership and acquired a controlling ownership stake in the property.