**Urban Edge Secures $123.6M Financing for Shoppers World in Framingham**
Urban Edge Properties has secured a $123.6 million interest-only, non-recourse mortgage on a portion of Shoppers World, a prominent retail center located in Framingham, Massachusetts. The four-year financing, based on the Secured Overnight Financing Rate (SOFR), has been swapped to a fixed interest rate of 5.12%.
The real estate investment trust (REIT) utilized a portion of the proceeds from the financing to repay a $90 million outstanding balance on its line of credit, which had been accruing interest at a rate of 5.48%.
Originally opened in 1951, Shoppers World spans 752,000 square feet and hosts a variety of major retailers. Key tenants include several TJX Companies brands—T.J. Maxx, Marshalls, HomeSense, and Sierra Trading Post—along with Best Buy and Nordstrom Rack. Urban Edge acquired the property in October 2023.
“We are very pleased with the successful financing of Shoppers World,” said Jeff Olson, chairman and CEO of Urban Edge Properties. “The attractive pricing of this debt is a reflection of the high-quality nature of this asset and the surrounding market.”
**About Urban Edge Properties**
Urban Edge Properties is a real estate investment trust that focuses on owning, managing, and developing retail real estate in urban communities.
