News release

JLL arranges $6M refinancing for mixed-use property in St. John, U.S. Virgin Islands

The Marketplace, in Cruz Bay, is home to the island’s largest grocery store

June 10, 2024

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

BOSTON, June 10, 2024 –  JLL Capital Markets announced today that it arranged a $6 million refinancing for The Marketplace, a 55,100-square-foot mixed-use property offering essential retail, office, storage and hospitality uses in St. John, U.S. Virgin Islands.

JLL worked on behalf of the borrower, Mugar Enterprises, Inc. to secure the five-year, fixed-rate loan through Bank of New Hampshire.

The Marketplace is a three-story property offering office, retail and storage space alongside the 12-key Marketplace Suites boutique hotel. Renovated in 2020, the building is designed to withstand hurricanes and is ADA compatible. Tenants at The Marketplace include Starfish Market, the largest of only three grocery stores on the island, Chelsea Drugstore, Firstbank and St. John Hardware.

Positioned on 2.01 acres at 4A Estate Enighed, the property is located within the heart of Cruz Bay, St. John’s main downtown area. The property benefits from the island’s strong tourism industry and is close to the ferry dock serving the island, the National Park Visitor’s Center and the start of many hiking trails, as well as numerous beaches, resorts, shops and restaurants.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Anthony Cutone and Managing Director Amy Lousararian.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Mugar Enterprises, Inc.

Mugar Enterprises, Inc. is a privately held, family firm with over 50 years of real estate development and investment expertise. To learn more, please visit: