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Urban Edge Borrows $663M for Retail Properties
Urban Edge Properties borrowed $663 million to refinance a portfolio of 15 retail properties and one industrial property totaling 4.6 million square feet in New York and New Jersey.
“The capital markets remain highly liquid for assets in dense markets operated by best-in-class sponsorship,” said Scott Aiese, managing director for Holliday Fenoglio Fowler (HFF),, who with Jon Mikula and Mike Tepedino arranged the package of loans.
Two CMBS lenders, three life company lenders and one bank provided the 16 separate loans, including 14 fixed- and two floating-rate permanent loans. Urban Edge will use the money to pay off existing CMBS debt — plus raising additional proceeds.
The 15 retail centers are 98.1% occupied and are anchored by dependable draws, including grocery stores like ShopRite, Stop & Shop and Aldi. Other anchors include Home Depot, Lowe’s, Costco, BJ’s Wholesale Club and Walmart. The industrial property is a multi-tenant warehouse in East Hanover, surrounded by affluent New Jersey suburbs.
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- ◦Financing
