Clifton Plaza at 1006 Route 46 in Clifton — File photo/Courtesy: Levin Management Corp.
By Joshua Burd
The owner of two shopping centers in Clifton and Mount Holly has secured a combined $25 million in financing, in a set of recent loans arranged by G.S. Wilcox & Co.
The mortgage banker said a correspondent life insurance company provided the funds in connection with Clifton Plaza, which boasts a prominent location along Route 46 and minutes from other major highways. The 95,222-square-foot property is also fully leased to tenants including Big Lots, Dollar Tree and Blink Fitness.
In the second deal, which was also originated by a life insurance company, G.S. Wilcox arranged a $12 million loan for a 178,532-square-foot shopping center at 500 High St. in Mount Holly. Known as Fair Ground Plaza, the property is 90 percent occupied and has Acme Markets as its anchor, with additional tenants including Staples, Dollar Tree and Advance Auto Parts and a location near the New Jersey Turnpike and Route 206.
G.S. Wilcox Principal David Fryer sourced both loans, which have what the firm described as very competitive interest-only periods.
“We appreciate the opportunity to finance these properties for our longstanding client,” Fryer said. “Our correspondent life insurance company once again displayed their certainty of execution.”
