NY-Area Retail Centers Land $663M Refi
ByUrban Edge Properties, a New York-based shopping center REIT, has refinanced 16 individual, non-recourse mortgages totaling $663 million for 15 Class A retail properties and one industrial in New York and New Jersey. HFF worked on behalf of Urban Edge to secure the 16 separate loans with two CMBS lenders, three life company lenders and one bank. The loans include 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years.
The new mortgages have a weighted average interest rate of 4.0 percent with a weighted average term to maturity of 10 years. Proceeds were used to pay off existing CMBS debt which Urban Edge described as a $544 million, 4.2 percent mortgage cross-collateralized by 39 assets that were scheduled to mature in 2020. Urban Edge generated $80 million in additional proceeds. Per HFF, the refinancing staggers and lengthens the duration of the maturity schedule…
