Urban Edge Properties has locked up a $663 million loan to acquire a portfolio of Class A retail properties and one industrial property totaling 4.6 million square feet in New York and New Jersey. Holliday Fenoglio Fowler arranged the funding through a combination of 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years. The proceeds were obtained by two CMBS lenders, three life company lenders and a bank. The portfolio is currently 98 percent leased and anchored by grocery stores, including ShopRite, Stop & Shop and Aldi along with big box stores Home Depot, Lowe’s, Costco, BJ’s Wholesale Club and Walmart. The HFF debt placement team representing the borrower included managing director Scott Aiese and senior managing directors Jon Mikula and Mike Tepedino.
“This retail financing proves that the capital markets remain highly liquid for assets in dense markets operated by best-in-class sponsorship,” Aiese said. “As lenders remain focused on diversifying their portfolios by asset type and geography, HFF experienced significant interest in the 15 retail term loan opportunities.”
