Bergen Town Center in Paramus — Courtesy: Urban Edge Properties
By Joshua Burd
Urban Edge Properties has secured $290 million to refinance its 1 million-square-foot Bergen Town Center in Paramus and Maywood, in a newly announced deal by JLL.
According to the debt placement team, New York Life Insurance Co. and MetLife Investment Management provided the loan in connection with the Whole Foods- and Target-anchored property just south of Route 4. The brokers noted that the complex, which was built in 1957, is currently 97 percent leased by more than 70 tenants, with investment-grade operators accounting for 44 percent of the gross leasable retail area.
JLL senior managing directors Scott Aiese, Claudia Steeb and Jon Mikula and Director Alex Staikos sourced the loan on Urban Edge’s behalf.
“Bergen Town Center is a best-in-class asset operating in one of the strongest retail markets in the country,” Aiese said. “Under the astute and hands-on management of Urban Edge, it is well-positioned to continue to thrive and we are pleased to have delivered accretive financing from lenders who share in ownership’s commitment to providing a stellar brick-and-mortar shopping experience.”
Located along Paramus’ busiest retail corridor, Bergen Town Center has average daily traffic counts of more than 150,000 vehicles, according to a news release. The property is also home to ULTA, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris, among others, providing a weighted average remaining lease term of 6.8 years and a weighted average lease tenure of 9.6 years.
The property includes 4,500 parking spaces and welcomes some 11 million annual customers, JLL added, noting that 11.3 million consumers are within a 20-mile radius.
