The Provident Bank Arranges $55 Million Loan for Development of New Shopping Center in Clark, New Jersey

Clark, N.J. — Executed leases lined up for 100 percent of the center include anchor tenants of Whole Foods and HomeGoods.

The Provident Bank has arranged a $55 million loan for the development of a new, 244,450 square-foot shopping center in Clark. Krame Development will develop 27 retail spaces housed in seven buildings on the 28-acre parcel of land located on the former US Gypsum paper plant site. Construction is expected to be completed in late spring 2015 with a proposed grand opening on or around August 1. Executed leases lined up for 100 percent of the center include anchor tenants of Whole Foods and HomeGoods, as well as other prominent tenants in the project including L.A. Fitness, Michael’s, Petco, Ulta, Modell’s and Party City. Provident and M&T Bank provided the construction financing with Provident as administrative agent. Gregory Lamb handled the transaction on behalf of Provident. 

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