Howell retail center secures $47M refinancing from JPMorgan Chase

JPMorgan Chase provided $46.5 million last week to New York-based developer Sun Equity Partners to refinance its 200,720-square-foot retail center in Howell, the Commercial Observer reported. The 52-acre property, located at 5313 Route 9 and known as the Greenleaf at Howell, is anchored by BJ’s Wholesale Club and LA Fitness. JLL arranged the loan on behalf of Sun Equity, which has said publicly it intends to build more than 342,000 square feet of retail space. Sun Equity bought the site in May 2013 and secured a $36 million loan in 2017 to refinance the property from Bethpage Federal Credit Union, according to RE-NJ. The developer also took out a $10 million facility that same year to acquire a parcel that it developed into the LA Fitness outpost. The Real Deal reported earlier this year on Sun Equity and the Heskel Group snagging a $60 million loan for their retail development in Jackson Heights. As for JLL, it also secured an $11 million facility to refinance its 157,000-square-foot commercial park in Closter last week. [Commercial Observer]