Urban Edge Properties has secured $290 million in refinancing for Bergen Town Center, a one-million-square-foot shopping center anchored by Whole Foods and Target and located in Paramus, NJ.
Built in 1957, Bergen Town Center is currently 97% leased by more than 70 retail tenants. Investment grade tenancy accounts for 44% of the retail GLA. In addition to its Whole Foods and Target anchors, notable tenants include ULTA, Chase Bank, Kohl's, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth's Chris. The center provides a weighted average remaining lease term of 6.8 years and a weighted average lease tenure of 9.6 years. The property includes 4,500 parking spaces and welcomes over 11 million annual customers.
JLL's Capital Markets group represented the borrower to secure the loan through New York Life Insurance Company and MetLife Investment Management.
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The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Scott Aiese, Claudia Steeb, and Jon Mikula and Director Alex Staikos.
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