Fryer of G.S. Wilcox places $17.5 million in financing for 175,000 s/f retail plaza

G.S. Wilcox & Co. has arranged $17.5 million in financing for Hamilton Sq. Plaza, a 175,000 s/f ShopRite anchored shopping center. The team led by David Fryer at G.S. Wilcox & Co. worked on behalf of the property owner and Levin Management, the manager of the asset on behalf of the ownership, to secure a fixed rate 25-year self-liquidating loan through Northwestern Mutual Insurance Co. The ownership used the proceeds to recapitalize recent construction costs as the shopping center has undergone extensive renovations, including a new façade, a couple new expansion spaces, and a totally redesigned and rebuilt 80,000 s/f anchor grocery store supplying ShopRite with a new facility. The center located on 18 acres has been owned by the borrower since its original development in 1961 and with the new improvements is ready for the next 50 years. "It was critical on this assignment to align Levin Management, who ran the redevelopment for the ownership as well as the leasing of the redesigned center with a lender who could see the value creation and the need in the community, as Northwestern Mutual priced the loan at the beginning of the job, when imagination was critical to see what the then 50 year old shopping center was going to be when it was completed," said Fryer. Levin Management's experience and strength was imperative in gaining the trust and comfort the Lender needed to offer the terms required with the physical construction work and leasing that needed to be done. G.S. Wilcox & Co., founded in 1994, is a full service mortgage banking firm which originates, underwrites, and services commercial real estate mortgage loans. Located in Morristown, New Jersey the firm currently has access to over 200 lending institutions and services $1.1 billion in commercial real estate loans.