MENDHAM, NJ—Natixis Real Estate Capital likes to shop at King's, apparently. The financial firm provided a $36.65 million, 10-year term fixed-rate CMBS financing to a venture led by Thomas Maoli to refinance two Northern New Jersey shopping centers anchored by stores of the grocery chain. In a 2013 profile, the website Autonews.com reported that Maoli owns seven shopping centers and three office buildings, in addition to a Lexus showroom and a Maserati dealership.
Natixis is the corporate, investment, insurance and financial services arm of Groupe BPCE, France's 2nd-largest banking group.
The loan refinances Mendham Village Shopping Center located in Mendham, NJ and Del's Village Shopping Center located in Boonton, NJ. The financing was structured as two stand-alone mortgages to ensure that the borrower could maintain flexibility with each of the assets. The financing was arranged by David Horowitz from the office of Cooper-Horowitz in New York.
The Mendham Village Shopping Center is a 100-percent occupied retail center anchored by King's Super Market. The property has a total of 79,941 square feet leased to 26 tenants. Mendham Village has excellent access via East Main Street (N.J. Highway Route 24) which is the main thoroughfare through Mendham. The surrounding area also boasts a median household income of $134,112 within a 3-mile radius.
Del's Village Shopping Center also is a 100-percent occupied retail center anchored by King's. The property has a total 46,796 square feet leased to 14 tenants. Del's Village is conveniently located at the intersection of The Boulevard, which is the main thoroughfare through Mountain Lakes, NJ and West Main Street with convenient access to I-287.
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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].
