ShopRite-anchored retail center in Hoboken refinanced with $25M loan
JLL Capital Markets arranged the financing for the fully leased property
MORRISTOWN, N.J., May 25, 2022 – JLL Capital Markets announced today that it has arranged a $25 million refinancing for a fully leased, 95,688-square-foot, ShopRite-anchored shopping center at 900 Madison St. in Hoboken, New Jersey.
JLL worked on behalf of the borrower, Northwest Redevelopment Supermarkets, LLC, to place the 10-year, fixed-rate, non-recourse loan with Securian Asset Management on behalf of Minnesota Life Insurance Company. Loan proceeds will be used to refinance an existing loan balance.
The property at 900 Madison St. is home to ShopRite and a connected ShopRite liquor store. This location is operated by Inserra Supermarkets, Inc. and is one of the top-performing ShopRite stores in their portfolio of supermarkets.
Situated on 3.67 acres, 900 Madison St. is in Hoboken, which is located along the Hudson Waterfront in New Jersey across from Manhattan, and is only 10 minutes away via the PATH trains and ferries. The center serves a trade area that includes 123,000 residents within a one-mile radius. The property is also a short walk from the 9th Street Light Rail Station and has ample, dedicated parking.
“JLL is pleased to play a part in financing this exceptional retail asset in Hoboken with Securian Asset Management/Minnesota Life Insurance Company,” said Thomas E. Didio, Jr.
“ShopRite, the borrower and Securian are all pleased with the asset, and we were excited to help finance the project,” Thomas Didio added.
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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.