{"id":1004196921,"date":"2017-11-09T07:20:12","date_gmt":"2017-11-09T15:20:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004196921"},"modified":"2021-05-15T02:39:54","modified_gmt":"2021-05-15T10:39:54","slug":"nj-shopping-center-receives-17m-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nj-shopping-center-receives-17m-financing\/","title":{"rendered":"NJ Shopping Center Receives $17M Financing"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004196926\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture2.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004196926\" data-attachment-id=\"1004196926\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nj-shopping-center-receives-17m-financing\/capture2-7\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture2.png\" data-orig-size=\"1319,989\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Commons at Hooper, Toms River, N.J.\" data-image-description=\"&lt;p&gt;Commons at Hooper, Toms River, N.J.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Commons at Hooper, Toms River, N.J.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture2.png?w=1024\" loading=\"lazy\" class=\"wp-image-1004196926 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture2.png\" alt=\"Commons at Hooper, Toms River, N.J.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture2.png 1319w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture2.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture2.png?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/Capture2.png?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004196926\" class=\"wp-caption-text\">Commons at Hooper, Toms River, N.J.<\/p><\/div>\n<p>ALTO Real Estate Funds and Unison Realty Partners have received $17.4 million in acquisition financing for their recent purchase of Commons at Hooper, a <a href=\"https:\/\/www.commercialsearch.com\/news\/levin-to-lease-manage-nj-retail-center\/\">shopping center in Toms River, N.J.<\/a> OceanFirst Bank funded the five-year, fixed-rate loan and provided a $3.4 million construction line for capital and tenant improvements, as well as leasing commissions.\u00a0Levin Management Corp<em>. <\/em>is handling the property management and leasing services for the property.<\/p>\n<p>Built in 1987, the asset is on 14.6 acres at 1350 Hooper Ave. The retail center is 86 percent leased to 21 different tenants, including Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, the UPS Store, Avenue, Sally Beauty, Jersey Mike\u2019s Subs and Citi Financial.<\/p>\n<p>The owners plan to upgrade the 120,349-square-foot property in the hopes of attracting more tenants and leasing the remaining space. They will also extend tenants with pending maturities early. The improvements will include a new roof, resurfaced parking lot, new pylon signage and fa\u00e7ade renovations. The landlords are also provided with an option to build an adjacent 2,500-square-foot pad site.<\/p>\n<p>HFF Managing Directors Michael Klein and Greg Labine brokered the loan transaction on behalf of the borrower.<\/p>\n<p>\u201c<em>The bank provided a creative structure that would allow the partnership to execute its business plan and was able to close within a tight closing time frame,\u201d<\/em> Klein said in a prepared statement.<\/p>\n<p><em>Image courtesy of\u00a0Levin Management Corp.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HFF secured the five-year, fixed-rate loan, which is accompanied by a $3.4 million construction line that will be used to fund capital and tenant improvements, as well as leasing commissions. <\/p>\n","protected":false},"author":241,"featured_media":1004196926,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21749],"tags":[36728,32792,37394,34237],"class_list":["post-1004196921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-retail","tag-alto-real-estate-funds","tag-hff","tag-levin-management-corporation","tag-unison-realty-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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