NEW YORK, NY—Holliday Fenoglio Fowler arranged $663 million in financing secured by 15 class-A retail properties and one industrial property totaling 4.6 million square feet in New York and New Jersey.
The HFF team led by New York-based managing director Scott Aiese and senior managing directors Jon Mikula and Mike Tepedino worked on behalf of the borrower, Urban Edge Properties, to secure the 16 separate loans with two CMBS lenders, three life company lenders and one bank. The loans include 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years. Loan proceeds will be used to pay off existing CMBS debt and create additional proceeds, while staggering and lengthening the duration of the borrower's maturity schedule.
The portfolio comprises 98.1-percent-leased retail centers anchored by grocery stores, including ShopRite, Stop & Shop and Aldi; Home Depot; Lowe's; Costco; BJ's Wholesale Club and Walmart in addition to one multi-tenant warehouse property in East Hanover, NJ. The 16 properties are in dense submarkets with affluent demographic. 15 are located in New Jersey and one is in New York.
“This retail financing proves that the capital markets remain highly liquid for assets in dense markets operated by best-in-class sponsorship,” says Aiese. “As lenders remain focused on diversifying their portfolios by asset type and geography, HFF experienced significant interest in the 15 retail term loan opportunities.”
Here is a complete list of the properties in the portfolio:
| Property/Deal Name | Property City, State |
| East Hanover Warehouses | East Hanover, NJ |
| Garfield Commons | Garfield, NJ |
| Hanover Commons | East Hanover, NJ |
| Brick Commons | Brick, NJ |
| Union Home Depot | Vauxhall, NJ |
| Freeport Commons | Freeport, NY |
| West End Commons | North Plainfield, NJ |
| Marlton Commons | Marlton, NJ |
| Town Brook Commons | Middletown, NJ |
| Rockaway River Commons | Rockaway, NJ |
| Hudson Commons | Jersey City, NJ |
| Greenbrook Commons | Watchung, NJ |
| Brunswick Commons | East Brunswick, NJ |
| Hackensack Commons | Hackensack, NJ |
| Totowa Commons | Totowa, NJ |
| Woodbridge Commons | Woodbridge, NJ |
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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].
