Holliday Fenoglio Fowler, L.P. (HFF) announced the $19 million refinancing of The Middle Brook Center, a fully leased, 104,331 s/f grocery-anchored retail center in the Northern New Jersey community of Bound Brook.
The HFF team worked on behalf of the borrower, Advance Realty, to place the 11-year, full-term, interest-only loan with Nationwide Life Insurance Company. Additionally, HFF will service the loan.
The three-building retail center is anchored by the ShopRite and home to Wine Country, Doctors Express, Quest Diagnostics, Frank’s Pizza, Bagel Stadium and Burger King.
Situated on 12.57 acres at 601 Tea Street, the property has frontage along Route 28, which has average daily traffic volume of 18,268 vehicles.
More than 10,470 residents earning an average annual household income of more than $100,000 live within a one-mile radius of the center.
The HFF debt placement team representing the borrower included senior managing director Greg Nalbandian.
“This refinance was an exceptional execution providing for a six-month forward rate lock at a very minor increase to the overall spread at the end of 2017 before treasuries increased 50 basis points,” Nalbandian said. “Full term interest only for 11 years and a minor cash out were also very attractive loan terms.”
