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G.S. Wilcox & Co. Secures $25 Million Loan For Clifton And Fair Ground Plaza Retail Properties

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FINANCED
$25,000,000

New Jersey

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Retail547,508 SF
Financed 11/12/2024
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FINANCED

G.S. Wilcox & Co. Secures $25 Million Loan For Clifton And Fair Ground Plaza Retail Properties

1006 US Route 46 & 555 High Street

See Similar Deals
Retail547,508 SF
Financed 11/12/2024

Summary

NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$45
Total Square Footage:547,508 SF
Transaction Type:Loan

The transaction involves two retail properties located at 1006 US Route 46 and 555 High Street, within the Clifton and Mount Holly markets. The total asset size is 273,754 square feet. The financing secured for these properties amounts to $25,000,000, with the specific breakdown of $13 million allocated for Clifton Plaza, which is fully leased, and $12 million for Fair Ground Plaza, currently 90% occupied, featuring major tenants such as Big Lots and Acme Markets.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $25,000,000
  • Address: 1006 US Route 46 & 555 High Street
  • Market: Clifton & Mount Holly
  • Square Feet: 273,754
  • Landlord: David Fryer - G.S. Wilcox & Co.
  • Loan Amount for Clifton Plaza: $13,000,000
  • Loan Amount for Fair Ground Plaza: $12,000,000
  • Clifton Plaza Occupancy: 100%
  • Fair Ground Plaza Occupancy: 90%

The key individuals in this transaction include David Fryer, representing the landlord, and G.S. Wilcox & Co., which facilitated the financing of the properties. The significant occupancy levels of both properties indicate a strong tenant base, indicating stability within the market.

Details

FINANCED
IMAGE: David Fryer DATE: 11/12/2024 ADDRESS: 1006 US Route 46 & 555 High Street MARKET: Clifton & Mount Holly ASSET TYPE: Retail ~ SF: 273,754 LANDLORD: David Fryer - G.S. Wilcox & Co. LOAN AMOUNT: $25,000,000 NOTE: G.S. Wilcox & Co. secured $25 million in financing for two New Jersey retail properties, including a $13 million loan for Clifton Plaza and a $12 million loan for Fair Ground Plaza. Both properties are well-leased, with Clifton Plaza 100% occupied and Fair Ground Plaza 90% occupied, anchored by major tenants like Big Lots and Acme Markets.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$25,000,000.00

Monthly NOI$166,666.67
Monthly Debt Service$158,017.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00