Tonnelle Commons in North Bergen — Courtesy: HFF
By Joshua Burd
The owner of a fully leased, 410,015-square-foot retail center in Hudson County has refinanced the property for $100 million, HFF said Thursday.
Working on behalf the borrower, Urban Edge Properties, HFF announced that it had secured the $100 million loan for Tonnelle Commons in North Bergen. The financing comprises a 10-year, non-recourse fixed-rate loan.
Completed in 2009, Tonnelle Commons is fully leased to 16 tenants and is anchored by Walmart, BJ’s Wholesale Club, PetSmart and Staples, HFF said in a news release. The property sits on Routes 1 and 9 and is less than 10 miles from Midtown Manhattan and four miles from the entrance to the New Jersey Turnpike.
The HFF debt placement team representing the borrower was led by Managing Director Scott Aiese and Senior Managing Director Mike Tepedino.
“HFF used its long-standing lender relationships and proprietary software, to identify the optimal long-term fixed-rate lender for Urban Edge,” Aiese said in a prepared statement. “Furthermore, not all retail is created equally; Tonnelle Commons is a 100-percent-occupied, highly performing center due to its infill location and laser-focused management team.”