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.”