Urban Edge Properties has refinanced the mortgage loan for Bergen Town Center, a shopping center anchored by Whole Foods and Target in Paramus, New Jersey. New York Life Insurance Company and MetLife Investment Management provided a new seven-year, fixed-rate mortgage loan worth $290 million to replace the previous mortgage with an outstanding balance of $300 million. This move reduces Urban Edge Properties’s debt maturing by 2025 to $235 million – less than 15% of its total indebtedness.
Jeff Olson, Chairman & CEO commented: “We are delighted with our successful refinancing of Bergen Town Center’s mortgage despite current market volatility. We appreciate our partnership with two large lenders who share enthusiasm for this property’s stability and growth potential; we look forward to continuing enhancing value at this flagship asset.”
