**Urban Edge Secures $123.6M Financing for Shoppers World in Framingham**
Urban Edge Properties has completed a $123.6 million interest-only, non-recourse mortgage for a portion of the Shoppers World retail center in Framingham, Massachusetts. The four-year SOFR-based loan has been swapped and converted to a fixed interest rate of 5.12%. A portion of the proceeds from the financing was used to repay the company’s $90 million outstanding line of credit, which carried a higher interest rate of 5.48%.
Shoppers World, originally opened in 1951, spans 752,000 square feet and features a strong retail tenant mix. Notable anchors include several TJX Companies brands such as 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 (REIT) focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Northeast United States.
