Eagle Plaza at 700 Haddonfield-Berlin Road in Voorhees — Courtesy: KPR Centers
By Joshua Burd
BankUnited Inc. has closed on two loans totaling nearly $50 million to allow KPR Centers to acquire a New Jersey shopping center and refinance a second in the borrower’s portfolio.
The larger deal, for $27.105 million, helped fund KPR’s addition of Eagle Plaza at 700 Haddonfield-Berlin Road in Voorhees, according to a news release. The real estate firm announced its $41.7 million purchase of the 227,718-square-foot, grocery-anchored center late last year, adding to a retail portfolio that spans New Jersey and 17 other states.
BankUnited lending officers Carly Berfas and Anthony McCoy spearheaded the origination, as they did for a second loan for $22.75 million. The latter allowed KPR to refinance Concordia Shopping Center, a 135,090-square-foot, grocery-anchored property at 1600 Perrineville Road in Monroe.
“BankUnited is very pleased to support our valued client, KPR Centers, as it continues to grow in New Jersey and many other markets,” said BankUnited Executive Vice President Ben Stacks, head of commercial real estate banking. “We look forward to continuing this important relationship as additional funding needs arise in 2025 and beyond.”
KPR Managing Partner Daniel Katz added: “As our lending partner on these deals, BankUnited worked diligently to support our strategic goals as we continue to acquire high-performing retail centers. We look forward to a continued relationship with BankUnited as new opportunities present themselves.”
