A new BJ’s Wholesale Club is among the anchors at Greenleaf at Howell, a new 290,000-square-foot shopping center in Howell. — Courtesy: ECB Capital Group
By Joshua Burd
The developer of a 290,000-square-foot shopping center in Howell has refinanced the property, thanks to a $36 million loan arranged by ECB Capital Group.
The mortgage broker worked on behalf the builder, Sun Equity Partners, to secure the financing for the project at the intersection of Route 9 North and Lanes Mill Road. Known as Greenleaf at Howell, the recently built property is home to a BJ’s Wholesale Club, LA Fitness, Xscape Theaters and several other tenants.
ECB Capital, which is based in Lakewood, said it secured the financing through Bethpage Federal Credit Union. The loan proceeds will be used to retire earlier loans that funded acquisition and development costs, while providing additional capital for Sun Equity Partners.
The 52-acre project has been built in two phases, according to Andrew Breiner of ECB Capital. The first phase included the construction of the BJ’s Wholesale Club and an accompanying gas station, while the second called for a segment along Route 9 that is home to T-Mobile, Hair Cuttery and other tenants, along with a standalone building for the movie theater.
Breiner said the developer also took out a $10 million construction loan to acquire an adjacent parcel and build the LA Fitness, which recently opened. Sun Equity is now planning a fourth phase.