Urban Edge Properties successfully refinanced Bergen Town Center, a 1 million square foot mall in Paramus, New Jersey.
The loan was secured for seven years and $290 million. The fixed-rate mortgage was provided by New York Life Insurance Co. and MetLife Investment Management as co-lenders.
Bergen Town Center’s previous loan, a 10-year, $300 million note from Wells Fargo Bank, matured this April according to public records. Urban Edge has reduced its debt to $235 million through the refinance deal, less than 15% of its outstanding indebtedness.
Prepared notes on the loan were delivered by Jeff Olson, chairman and CEO of Urban Edge Properties. Olson announced nearly 10,000 square feet of new retail leases, including Crumbl Cookies, Journeys, Haagen Dazs, Perfumania and Bond Vet.
In addition, Olson announced a flagship J. Crew location within Bergen Town Center. The existing J. Crew and J. Crew Men’s will combine into one 6,247 square foot location.
Trepp provided additional reporting on the previous $300M loan, as well as positive details about Bergen Town Center’s retail occupancy rates.
The Paramus mall operated at 91% occupancy in 2022, up from 77% in 2021. Of Bergen Town Center’s top five tenants, only one has a lease set to expire before 2029.
Olson mentioned continued plans to upgrade the facility in his notes. A $50 million renovation occurred at Bergen Town Center in recent years. Hackensack Meridian Health developed an 80,000 square foot medical office building on the property as part of an adaptive reuse project.
There are future plans to develop 456 residential units at the Bergen Town Mall site, according to a proposal before the Paramus Planning Board. Urban Edge’s proposal involves the demolition of a retail building on the property’s east side to make way for 2 residential buildings.