900 Madison St. in Hoboken — Courtesy: JLL
By Joshua Burd
The owner of a ShopRite-anchored retail property in Hoboken has refinanced the center for $25 million, according to a debt placement team with JLL.
Brokers represented the borrower, Northwest Redevelopment Supermarkets, to place the 10-year, fixed-rate loan for the 95,688-square-foot complex at 900 Madison St. Securian Asset Management provided the non-recourse financing on behalf of Minnesota Life Insurance Co., JLL said, noting that the location is a top-performing ShopRite store operated by Inserra Supermarkets Inc.
JLL Senior Managing Director Thomas Didio and Senior Director Thomas E. Didio Jr. led the team representing the borrower.
“JLL is pleased to play a part in financing this exceptional retail asset in Hoboken with Securian Asset Management (and) Minnesota Life Insurance Company,” Thomas E. Didio Jr. said.
Sitting on 3.67 acres, 900 Madison St. serves a trade area that includes 123,000 residents within a one-mile radius, JLL said. The property is also a short walk from NJ Transit’s 9th Street light rail station and has ample, dedicated parking.
“ShopRite, the borrower and Securian are all pleased with the asset, and we were excited to help finance the project,” Thomas Didio added.