Paramus, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957.
Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted average lease tenure is 9.6 years.
Bergen Town Center includes 4,500 parking spaces and welcomes more than 11 million annual customers. The shopping center is situated in a submarket that features annual retail sales that are higher than any other zip code in the U.S., according to JLL. The average Bergen County household income is $167,050.
Scott Aiese, Claudia Steeb, Jon Mikula and Alex Staikos of JLL arranged the loan on behalf of the borrower, Urban Edge Properties (NYSE: UE). New York Life Insurance Co. and MetLife Investment Management provided the loan, terms of which were undisclosed.
Urban Edge is a REIT focused on managing, acquiring, developing and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. The company owns 76 properties totaling 17.2 million square feet of gross leasable area.
Urban Edge’s stock price opened at $14.22 per share Wednesday, April 26, down from $18.98 per share one year ago.
— Kristin Harlow