By Joshua Burd
The owner of a grocery-anchored shopping center on Route 202 in Flemington has snagged $16 million in financing, in a transaction arranged by G.S. Wilcox & Co.
According to the mortgage banking firm, a life insurance company provided the loan on a 10-year term and 25-year amortization schedule with flexible prepayment. Proceeds will support the fully leased ShopRite-anchored property, which spans roughly 170,000 square feet and is home to a host of other national and regional tenants, benefiting from its visibility along Route 202 and from Hunterdon County’s affluent population.
G.S. Wilcox Partner Wesley Wilcox and Principal Albert Raymond secured the financing.
“Given the volatility in the marketplace, G.S. Wilcox & Co. was still able to deliver competitive financing for this valued client,” Wilcox said in a prepared statement. “It was also a pleasure to close another loan with this lender who we’ve had a longstanding relationship with.”