The Middle Brook Center at 601 Tea St. in Bound Brook — Courtesy: HFF
By Joshua Burd
Advance Realty has refinanced a grocery-anchored, 104,331-square-foot retail center in Bound Brook with a $19 million loan arranged by HFF.
In a news release, the brokerage said it worked on behalf of Advance to place the 11-year, interest-only loan with Nationwide Life Insurance Co. The three-building center, located at 601 Tea St., is fully leased and anchored by a ShopRite.
HFF, whose debt placement included senior managing director Greg Nalbandian, will also service the loan.
“This refinance was an exceptional execution providing for a six-month forward rate lock at a very minor increase to the overall spread at the end of 2017 before treasuries increased 50 basis points,” Nalbandian said. “Full term interest only for 11 years and a minor cash out were also very attractive loan terms.”
Other tenants at The Middle Brook Center include Wine Country, Doctors Express, Quest Diagnostics and others. The property sits at the intersection of West Union Avenue and Tea Street, directly adjacent to the heavily trafficked on-ramp to Interstate 287.
“We’re very pleased with HFF and our team’s collective effort to create long-term value for this generational asset and to grow our relationship with our credit partner,” said Alexander Cocoziello, principal at Advance Realty. “Through this group’s firm understanding of the shifting monetary environment, we were able to move quickly and efficiently towards closing.”