Thu, 07/17/2014 - 01:20 — HFF
FLORHAM PARK, NJ - July 16, 2014 – HFF announced today that it has arranged a $20 million refinancing for Tri-City Plaza, a 108,109-square-foot retail center in Toms River, New Jersey.
HFF worked on behalf of the borrower, Paramount Realty Services, to secure the fixed-rate loan through a life company. Proceeds from the HFF-serviced loan will replace existing debt on the property.
Tri-City Plaza is located on 15.97 acres three miles west of the Garden State Parkway at 2360 Lakewood Road in Toms River, a coastal township less than 40 miles east of Trenton. Nearly 27,000 vehicles pass the property daily along Route 9. Tri-City Plaza is 100 percent leased to 17 tenants, including Super Stop & Shop, Dollar Tree, Starbucks, GNC and The UPS Store. The Super Stop & Shop grocery store anchors the retail center and leases 55,800 square feet. The property was originally constructed in 1999 by the borrower and joint venture partner.
The HFF team representing the borrower was led by senior managing director Jon Mikula, managing director Jim Cadranell and associate director Samuel Seiden.
Paramount Realty Services, Inc. was founded in 1994 as a full-service commercial real estate firm specializing in retail real estate in the Northeast. Paramount Realty owns and operates more than five million square feet of shopping centers throughout New Jersey, Connecticut, Massachusetts, Maryland and eastern Pennsylvania.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.