Greenleaf at Howell at 5313 Route 9 North in Howell — Courtesy: JLL
By Joshua Burd
The owner of a Monmouth County shopping center has secured $46.5 million to refinance the property, under a newly announced transaction by JLL.
Capital markets brokers with the firm worked on behalf of the borrower, Sun Equity Partners LLC, to place the loan for Greenleaf at Howell at 5313 Route 9 North in Howell. JPMorgan Chase & Co. is providing the financing for the 200,720-square-foot property.
JLL vice chairmen Aaron Appel, Jonathan Schwartz and Keith Kurland, along with Executive Vice President Brett Rosenberg, Managing Director Adam Schwartz and Analyst Brandon Krupetsky led the group handling the debt assignment.
“Sun Equity Partners has extensive experience in developing and repositioning large retail shopping centers,” Appel said. “The firm has ownership interests in multiple properties across the East Coast including the Greenleaf at Union, Greenleaf at Delran, the Grove at Plymouth and Greenleaf at Cheltenham.
“Sun Equity currently owns and manages a portfolio exceeding 10 million square feet across the United States, further solidifying its experience and ability to boost in-place occupancy and cash flow at Greenleaf at Howell.”
In a news release, JLL touted the property’s highly trafficked location at Route 9 North and Lanes Mill Road. The complex is anchored by BJ’s Wholesale Club and LA Fitness. Sun Equity Partners acquired the property in May 2013 and has redeveloped the 45.8-acre parcel into a popular shopping center.