
JLL Lines Up $43M Refi for ShopRite-Anchored Woodbridge Retail
JLL Capital Markets closed the $43.2-million refinancing of St. Georges Crossing, a 343,423-square-foot, ShopRite-anchored shopping center located in Woodbridge, NJ. Senior managing directors Jim Cadranell and Gregory Nalbandian and analyst Salvatore Buzzerio represented the landlord, Levin Properties, L.P., to secure the 12-year, fixed-rate loan through PGIM Real Estate.
Located at 855 St. Georges Ave., St. Georges Crossing is currently 100% occupied and anchored by ShopRite, P.C. Richard & Son, PetSmart and TJ Maxx. The property benefits from long-term tenant tenure of more than 15 years from 11 tenants and a weighted average lease term of 5.42 years.
“There was no shortage of interest to finance this super-dominant, Shoprite-anchored center as lenders look to diversify their portfolios outside of multi-housing and industrial properties,” said Nalbandian. “PGIM delivered a long-term 12-year, fixed-rate financing at a very attractive interest rate that met all of the borrower’s objectives.”