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New York & Tri-State  + New Jersey  + Retail  | 

Urban Edge Properties Refis Bergen Town Center Mortgage 

Urban Edge Properties has refinanced the mortgage loan for Bergen Town Center, a shopping center anchored by Whole Foods and Target in Paramus, New Jersey. New York Life Insurance Company and MetLife Investment Management provided the new seven-year, fixed-rate mortgage loan worth $290 million, replacing the previous mortgage with an outstanding balance of $300 million. This move has reduced Urban Edge Properties’s debt maturing by the end of 2025 to $235 million, less than 15% of its outstanding indebtedness. 

“We are pleased to announce the successful refinancing of Bergen Town Center’s mortgage, particularly given the unprecedented volatility in the debt capital markets,” said Jeff Olson, chairman and chief executive officer. “We appreciate our partnership with two large, high-quality lenders who shared our enthusiasm for the stability and growth of this property, and we look forward to continuing to enhance the value of this flagship asset.” 


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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

  • ◦Financing