Bank United Supplies $24M Acquisition Loan on N.J. Retail Center
By Andrew Coen August 1, 2024 4:58 pm
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A joint venture between DRA Advisors and Crown Acquisitions affiliate First Mile Properties has sealed $23.6 million of acquisition financing to purchase a retail center in northern New Jersey.
Bank United provided the loan on the sponsorship’s acquisition of Paramus Plaza, a fully leased shopping center in Paramus, N.J., according to Progress Capital, which arranged the transaction. The JV purchased the property for $36.8 million from a partnership between Acadia Realty Trust and Fortress Investment Group, according to Progress Capital.
Progress Capital’s Brad Domenico arranged the financing. The sale was facilitated by a Cushman & Wakefield (CWK) tri-state capital markets team led by Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin and Max Helfman in collaboration with Mark Gilbert, head of retail capital markets.
Located at 545 Route 17 South, 13 miles west of New York City in Bergen County, Paramus Plaza is anchored by national craft store Hobby Lobby. It also includes national retailers Marshalls, Skechers and Chipotle.
“The First Mile team is optimistic about future growth in the New Jersey market,” Toby Yedid, chief investment officer at First Mile, said in a statement. “We have witnessed a large uptick in residential property prices in the past few years however, the commercial market is just starting to make the same market adjustments.”
Officials at Bank United and DRA Advisors did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
