Urban Edge Properties Refinances Retail Property In Paramus, NJ For $290M
FINANCED
$290,000,000
New Jersey
See Similar DealsMultiFamily1,009,929 SF
Financed 04/06/2023
FINANCED
Urban Edge Properties Refinances Retail Property In Paramus, NJ For $290M
1 Bergen Town Center
See Similar DealsMultiFamily1,009,929 SF
Financed 04/06/2023
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$287
Total Square Footage:1,009,929 SF
Transaction Type:Loan
The retail property located at 1 Bergen Town Center in Paramus, NJ has undergone a loan refinance transaction. The property spans approximately 1,009,929 square feet and is owned by Urban Edge Properties. The loan, valued at $290,000,000, was provided by New York Life Insurance Company and MetLife Investment Management.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $290,000,000
- Address: 1 Bergen Town Center, Paramus, NJ
- Market: Paramus, NJ
- Lender: New York Life Insurance Company & MetLife Investment Management
- Landlord: Urban Edge Properties
- Brokers: Scott Aiese, Claudia Steeb & Alex Staikos - JLL
The loan refinance was facilitated by the brokers Scott Aiese, Claudia Steeb, and Alex Staikos from JLL. Their expertise and representation played a crucial role in the successful completion of the deal.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$290,000,000.00
Monthly NOI$1,933,333.33
Monthly Debt Service$1,832,997.27
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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