$100M Refi for Fully-Occupied Power Center by the NJ Turnpike

Urban Edge Properties borrowed $100 million to refinance Tonnelle Commons, just across the Hudson River from Manhattan in North Bergen, NJ., and minutes from an entrance to the NJ Turnpike.

Completed in 2009, the 410,015-square-foot power center is fully leased to 16 tenants and is anchored by Walmart, BJ’s Wholesale Club, PetSmart and Staples. The property received a 10-year, non-recourse, fixed-rate loan.

“HFF used its long-standing lender relationships and proprietary software to identify the optimal long-term fixed-rate lender for Urban Edge,” said Scott Aiese, managing director for HFF, which arranged the transaction.

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