New York & Tri-State + New Jersey + Finance | January 24, 2023

MMCC Arranges Acquisition Loan for Sussex County Shopping Center

Marcus & Millichap Capital Corporation (MMCC) arranged a $13,300,000 acquisition loan for Vernon Valley Plaza, a grocery-anchored shopping center located at 530 County Road 515 in the Sussex County community of Vernon Township, NJ.

The loan was secured by Joseph Belgiovine, First VP, Capital Markets based in MMCC’s New Jersey office.

“Lenders recognize the intrinsic value of a grocery-anchored shopping center,” said Belgiovine. “Despite current market volatility, we secured various financing options for our client to consider, and he ultimately selected an aggressive option which yielded a greater than expected rate of return.”

The 93,029-square-foot shopping center is anchored by major retailers including ACME Markets and Starbucks. The five-year loan features a fixed interest rate of 5.30%, 30-year amortization and 70% LTV.

The property traded for $19 million in a deal arranged by Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz. The buyer wasn’t disclosed.

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Inside The Story

MMCC's Belgiovine

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).