HFF announces $25.5M financing for acquisition of New York-area power center

MORRISTOWN, NJ – March 13, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged $25.5 million in acquisition financing for Woodbridge Crossing, a 285,211-square-foot power center located in the central New Jersey community of Woodbridge, New Jersey.

The HFF team worked on behalf of the borrower, PAG Investments, to place the five-year, fixed-rate loan with Citizens Bank. 

Woodbridge Crossing was completed in 2001 and recently renovated in 2018.  Nearly 80 percent leased, the center is home to a variety of national and regional tenants, including Burlington Stores, Big Lots, Planet Fitness, Altitude Trampoline Park, Modell’s, Party City, Thomasville, Sprint, Miracle Ear and FedEx Office.  Situated on 19.09 acres at 451-479 Green Street in one of New Jersey’s prime retail corridors, Woodbridge Crossing is in the North Edison/Woodbridge Retail submarket adjacent to the intersection of U.S. Routes 1 and 9, exposing the center to approximately 85,000 vehicles per day.  The center is in Middlesex County, the second most populated county in the state, and more than 136,700 residents earning an average annual household income of $93,207 live within a three-mile radius of the center.

The HFF debt placement team representing the borrower included managing director Michael Klein and managing director Rob Hinckley.

“HFF is pleased to have helped PAG Investments secure financing once again,” Klein said.  “PAG had a unique opportunity to acquire a value-add retail center in one of the state’s primary retail corridors.  In a short time, PAG Investments will be able to execute its business plan and stabilize the center.” 

Citizens’ Commercial Real Estate team provides project finance loans across various strategies and is focused on building long-term relationships with strong commercial real estate sponsors.  Citizens provides loans for multifamily, office, retail, industrial and hospitality properties, lends on acquisition and refinancing opportunities, development, stabilized and value-add strategies and on bridge and term basis.

About PAG Investments
PAG investments is a privately-held real estate investment firm headquartered in New York City.  PAG is focused on the acquisition, development, redevelopment and management of retail, industrial and office properties in the Northeast and mid-Atlantic.  PAG has an excellent track record in the ownership and management of real estate assets and seeks to create value for investors and the communities in which they work and live.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $160.5 billion in assets as of December 31, 2018.  Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions.  Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions.  In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings.  In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products and asset finance.  More information is available at citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.com or follow HFF on Twitter @HFF.


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