Natixis Lends Against Kings-Anchored Shopping Centers
Natixis Real Estate Capital LLC provided a $36,650,000 10- year term fixed-rate CMBS financing to a venture led by Thomas Maoli to refinance Mendham Village Shopping Center located in Mendham, NJ and Del’s Village Shopping Center located in Boonton, NJ.
The loan was structured as two stand-alone mortgages to ensure that the borrower could maintain flexibility with each of the assets. The financing was arranged by David Horowitz from the office of Cooper-Horowitz in New York.
The Mendham Village Shopping Center is a 100% occupied retail center anchored by King’s Super Market. The property has a total of 79,941 square feet leased to 26 tenants. Mendham Village has excellent access via East Main Street (N.J. Highway Route 24) which is the main thoroughfare through Mendham. The surrounding area also boasts a median household income of $134,112 within a 3-mile radius.
Del’s Village Shopping Center is a 100% occupied retail center anchored by King’s Super Market. The property has a total 46,796 square feet leased to 14 tenants. Del’s Village is conveniently located at the intersection of The Boulevard, which is the main thoroughfare through Mountain Lakes, NJ and West Main Street with convenient access to I-287.