Closter Plaza in Closter — Courtesy: New York Life Real Estate Investors
By Joshua Burd
New York Life Real Estate Investors has originated a $75 million loan secured by a recently redeveloped shopping center in Bergen County, the company said recently.
Working on behalf of institutional investors, the company announced the financing of Closter Plaza, a 208,337-square-foot shopping center in Closter that is anchored by a Whole Foods and Target. The borrower of the fixed-rate, five-year loan is Edens Investment Trust.
“Closter Plaza is located within a highly desirable retail location with extremely high barriers to entry and boasts a top tier tenancy that will generate stable cash flow during the loan term,” said David Li, senior director at New York Life Real Estate Investors’ Northeast regional office. “We are pleased to have the opportunity to finance this excellent asset and further expand our long-standing relationship with Edens Investment Trust.”