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.”
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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].
