The Shoppes at Cross Keyes in Sicklerville — Courtesy: Progress Capital
By Joshua Burd
The owner of a 176,000-square-foot shopping center in Camden County has refinanced the property for more than $22 million, under a new transaction by Progress Capital.
The commercial mortgage advisory firm represented the borrower, the Jemstone Group, in sourcing the $22.3 million loan for The Shoppes at Cross Keyes in Sicklerville. Valley National Bank is providing the financing, which includes a $3 million line of credit toward tenant improvements and leasing commissions and a $3 million construction line to develop a 30,000-square-foot pad for a prospective tenant.
Abe Mann of Progress Capital secured the financing options, noting that the Valley loan features an initial rate of 4 percent fixed for five years, 10-year term, a loan-to-value ratio of 75 percent and 30-year amortization.
Occupancy at the 10-year-old property, located on the corner of Berlin Cross Keyes Road and the Atlantic City Expressway, was above 80 percent at the time of closing.
“Due to the sponsor’s strong track record owning and operating retail shopping centers, we were successful in identifying the right lender who delivered an excellent overall structure and financing terms,” Mann said. “The center is experiencing strong upward momentum and we are thrilled to secure the necessary capital which will help our clients achieve close to 100 percent occupancy.”