JLL Capital Markets arrange $21.5 million loan for Hekemian

Sparta Township, NJ JLL Capital Markets has arranged a $21.5 million loan for the refinancing of Sparta Town Center, a fully leased, 87,984 s/f, Stop & Shop-anchored regional shopping center..

JLL worked on behalf of the borrower, Jersey Investors Growth Company, L.P., an affiliate of Hekemian & Co., Inc., to place the 10-year, fixed-rate loan with Aegon Asset Management. Loan proceeds will be used to refinance the existing mortgage on the property.

The borrower has owned Sparta Town Center for more than 20 years, demonstrating their commitment to the property. Anchored by Stop & Shop, which is the one of only two grocers in the area, the tenancy is complemented by a mix of national and local tenants, including Lakeland Bank, Supercuts, Sports Care Institute, Spavia, Mathnasium, Anthony Franco’s Pizza and a national wireless provider.

The JLL Capital Markets team representing the borrower was led by senior managing director Thomas Didio, senior director Thomas Didio, Jr. and analyst Salvatore Buzzerio.

“JLL is pleased to assist the borrower in securing proceeds from Aegon Asset Management to replace the existing, maturing permanent loan,” Didio said. “The shopping center is the premier retail asset in Sparta, and Aegon Asset Management did a nice job committing and closing the business.”