Lightstone Secures $13.5 Million Refinance From Ameritas For Millburn Village Shopping Center

The property asset involved in this transaction is a retail shopping center located at 2933 Vauxhall Road in the Vauxhall market. It has a total square footage of 71,177 and is anchored by Walgreens and Staples, contributing to its high occupancy with 19 tenants averaging 21.2 years of tenure. The shopping center is positioned in a trade area with 1.7 million residents and an average household income of $139,754.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $13,500,000
• Loan Type: Refinance
• Lender: Ameritas Investment Corp
• Broker Representatives: Ryan Carroll, Tyler Caricato & Caleb Henry - JLL
• Loan Term: Three years

The loan secured by Lightstone from Ameritas Investment Corp represents a refinancing arrangement for the Millburn Village shopping center, which Lightstone has owned since 2003. The deal underscores the investor's long-term commitment to maintaining high occupancy and stability within the retail asset.