JLL Capital Markets today announced that it has closed a $21.5 million loan to refinance Sparta Town Center, an 87,984 square foot fully leased regional shopping center anchored in Stop & Shop, Submarket of Sparta Township Northern New Jersey retail.
JLL worked on behalf of the borrower, Jersey Investors Growth Company, LP, a subsidiary of Hekemian & Co., Inc., to place the 10-year fixed rate loan with Aegon Asset Management. The loan proceeds will be used to refinance the existing mortgage on the property.
The Borrower has owned Sparta Town Center for over 20 years, demonstrating its commitment to the property. Anchored by Stop & Shop, which is one of only two grocers in the area, the lease is complemented by a mix of national and local tenants including Lakeland Bank, Supercuts, Sports Care Institute, Spavia, Mathnasium, Anthony Franco’s Pizza and a national wireless service provider.
Located at 5 and 8 Town Center Dr., Sparta Town Center is uniquely located at the northwest intersection of County Route 517 and Route 15 less than one mile from downtown Sparta, a community affluent Northern New Jersey close to NYC subway. region. The center benefits from the strong demographics of Sussex County, which includes 31,413 residents enjoying an average annual household income of $163,933 within a five-mile radius of the center.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Thomas Didio, Senior Managing Director Thomas E. Didio, Jr. and analyst Salvatore Buzzerio.
“JLL is pleased to assist the borrower in obtaining the product from Aegon Asset Management to replace the existing and maturing permanent loan,” said Didio. “The Mall is Sparta’s premier commercial asset, and Aegon Asset Management has done a good job bringing the business on and closing it.”
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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