By Joshua Burd
The owner of a nearly 40,000-square-foot shopping center in Union Township has refinanced the property for $7 million, in a newly announced deal by G.S. Wilcox & Co.
According to a news release, a life insurance company provided the debt in connection with the undisclosed complex. G.S. Wilcox Partner Wesley Wilcox and Principal David Fryer sourced the transaction on behalf of a private client, noting that the 38,347-square-foot property sits on 2.42 acres with 960 feet of frontage and is accessible from the Garden State Parkway and Route 22, with area retailers including Walmart, Costco, ShopRite and Home Depot.
Loan terms included a five-year fixed rate and 30-year amortization with flexible prepayment.
“G.S. Wilcox & Co. is proud to have worked with our client and correspondent lender to deliver a successful deal execution,” Wilcox said in a prepared statement. “This transaction demonstrates that retail with experienced ownership and prime location is still an asset class that is in lender demand.”