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Urban Edge Closes on $124M Financing for Shoppers World in Framingham

Urban Edge Properties has closed on a $123.6-million interest-only, non-recourse mortgage on a portion of Shoppers World located in Framingham, MA. The four-year SOFR loan was swapped and converted to a fixed interest rate of 5.12%. The REIT used a portion of the proceeds from the financing to pay off the $90-million outstanding balance on its line of credit that was bearing interest at a rate of 5.48%.

First opening in 1951, Shoppers World spans 752,000 square feet and is anchored by several TJX Companies including T.J. Maxx, Marshalls, HomeSense and Sierra Trading along with Best Buy and Nordstrom Rack. Urban Edge acquired the property in October of 2023.

“We are very pleased with the successful financing of Shoppers World,” said Jeff Olson, chairman and CEO. “The attractive pricing of this debt is a reflection of the high-quality nature of this asset and the surrounding market.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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