The Grove at Shrewsbury, located at 597 Broad St. in Shrewsbury — Courtesy: HFF
By Joshua Burd
The owner of a high-end, 148,000-square-foot retail center in Monmouth County has refinanced for $43.6 million, in a transaction arranged by brokers with HFF.
The property, known as The Grove at Shrewsbury, is a fully leased lifestyle center at 597 Broad St. in Shrewsbury. HFF worked on behalf of the borrower, Federal Realty Investment Trust, to secure the 10-year, fixed-rate loan through Principal Commercial Capital.
The HFF debt placement team representing the borrower included Senior Managing Director Jon Mikula and Associate Connor Milanaik.
“While retail financing is challenging, The Grove is a one-of-a-kind shopping destination in New Jersey operated by best-in-class sponsorship,” Mikula said. “We were excited to showcase it to the market.”
The Grove features 35 retailers such as Williams-Sonoma, Pottery Barn, Bluemercury, Starbucks and others, HFF said in a news release. The property is meant to provide a town center experience with landscaping, brick walkways, varied storefronts and other design elements.
