Framingham, Mass. — New York City-based Urban Edge Properties (NYSE: UE) has closed on a $123.6 million interest-only mortgage for a portion of Shoppers’ World, a 752,000-square-foot super regional power center located in Framingham, a western suburb of Boston. The four-year Secured Overnight Financing Rate (SOFR) loan was swapped and converted to a 5.12 percent fixed interest rate. The company then used a portion of the proceeds from the financing to pay off the $90 million outstanding balance on its line of credit with its original 5.48 percent interest rate.
T.J. Maxx, Marshalls, HomeSense, Sierra Trading, Best Buy and Nordstrom Rack anchor Shoppers’ World, which opened in 1951. Additional tenants at the property include DSW, Barnes & Noble, J. Crew, Marshalls, AMC Theaters, PetSmart, Kohl’s, Ulta Beauty and Five Below. Urban Edge Properties acquired Shoppers’ World in October 2023.