The Hampshire Companies has secured a $32m loan to refinance the Veterans Square Town Center retail center. The 136,928 sqf Rite Aid anchored asset is located at 530-560 New York Avenue in Lyndhurst, N.J. The property is 100 percent leased by 13 tenants, including HomeGoods, PetSmart, Supercuts, DaVita Kidney Care, GNC, Diamond Exchange and World Martial Arts Academy. JLL worked on behalf of the borrower to land a10-year, fixed-rate, non-recourse loan through PGIM Real Estate Finance.
“While retail has been a challenge with the rise of e-commerce, necessity retail, especially grocery-anchored, continues to flourish and be in demand for institutional lenders,” said Senior Managing Director Mikula, JLL. “PGIM Real Estate Finance appreciated the strength of the Shop-Rite operator and the borrower’s deep experience in the retail space.”
