HFF Arranges $17.4 Million Acquisition Loan for Power Center in Coastal New Jersey

by Camren Skelton

Toms River, N.J. — HFF has arranged a $17.4 million loan for the acquisition of Commons at Hooper, a 120,349-square-foot shopping center in the coastal New Jersey community of Toms River.

Michael Klein and Greg Labine of HFF arranged the five-year, fixed-rate loan through OceanFirst Bank on behalf of the borrower, a joint venture between Unison Realty Partners and ALTO Real Estate Funds. OceanFirst is also providing a $3.4 million construction loan for capital improvements. The work will include a new roof, resurfaced parking lot, new pylon signage and façade upgrade. The borrower may also pursue an opportunity to construct a 2,500-square-foot pad site in the front of the center. The center was 86 percent leased at the time of sale to 21 tenants including Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial. 

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