New Jersey mall owners secure $72.5M loan to ‘transform’ the retail center

Sep.September 11, 2019 01:00 PM

The owners of a mall in Roxbury Township plan to redevelop the property with a $72.5 million construction loan, NJBIZ reported. Cushman & Wakefield arranged the loan with Santander Bank for the owners, who are affiliates of Advance Realty Investors, according to the outlet. They plan to transform The Shops at Ledgewood Commons “into a vibrant retail power center anchored by credit tenants,” Sridhar Vankayala, of Cushman’s Equity, Debt & Structured Finance team, said in a statement. “As retail trends continue to move away from traditional malls, Ledgewood Commons is positioned to thrive in the modern retail environment as a premier open-air retail destination,” he added. [NJBIZ]

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