G.S. Wilcox & Co. Secures $16M Refinance Loan For Flemington Shopping Center Anchored By ShopRite
272 US Hwy 202/31 N
$16,000,000
$94/SF
Building Size
170,000 SF
Asset Type
Retail
Closing
Nov 7, 2023
AI
G.S. Wilcox & Co. has secured $16 million in financing for a retail property in Flemington. The property, located at 272 US Hwy 202/31 North, has a total area of 170,000 square feet and is situated in a high-visibility area along Route 202 in Hunterdon County. It is anchored by ShopRite and is currently 100% occupied.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $16,000,000
- Address: 272 US Hwy 202/31 North
- Market: Flemington
- Loan Type: Refinance
- Loan Terms: 10-year term and 25-year amortization with flexible prepayment
The loan, provided by an undisclosed life insurance company, offers flexible terms to the property owner. This financing supports the retail property's stability and success as it continues to operate at full occupancy. Al Raymond and Wesley Wilcox from G.S. Wilcox & Co. represented the borrower in securing this loan.
Players
Flemington Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93