Apollo Refis Bronx Retail Center With $38M Loan
Urban Edge Properties has nabbed a $38 million debt package to refinance a grocery-anchored retail property in the Bronx, Commercial Observer has learned.
Apollo Global Management (APO) provided the loan on Urban Edge’s The Shops at Bruckner retail center in the Bronx’s Soundview neighborhood. Newmark (NMRK) arranged the transaction with a team led by Jordan Roeschlaub, Dustin Stolly and Chris Kramer.
Located at 1906 Story Avenue, the 100 percent occupied retail center inked multiple new leases in May, with the largest consisting of 21,976 square feet from German discount grocer Aldi. Discount chain Lot-Less also signed on for 4,000 square feet in the spring. Other tenants at the property include AutoZone, Five Below, Jimmy Jazz, Marshalls and Old Navy.
The Shops is situated near Urban Edge’s 396,000-square-foot Bruckner Commons property anchored by ShopRite and Burlington. Target signed a 139,000-square-foot lease at Bruckner Commons last October, with the store slated to debut in 2025.
Officials at Apollo and Urban Edge did not immediately return requests for comment.
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