NEW YORK, Dec. 4, 2017 – Cushman & Wakefield, Inc. announced today that it served as the exclusive advisor to P3RE Properties (the “Sponsor”) in arranging $6.5 million of financing secured by Smithville Square (the “Property”) located in Galloway, New Jersey. The five-year, fixed-rate financing was provided by Atlantic Stewardship Bank. Cushman & Wakefield successfully marketed the transaction and secured multiple offers for the Sponsor. The Sponsor eventually picked Atlantic Stewardship Bank as they offered attractive loan proceeds and compelling loan terms.
Smithville Square is a recently renovated, 107,000-square-foot retail center located less than a mile from the historic Smithville downtown in Galloway, New Jersey. Located at 45 South New York Road, in Galloway, New Jersey, the Property is currently home to 19 diverse tenants including Dunkin Donuts, Petvalu, JD’s Pub and Grill, Village Dry Cleaners and Lucky Nails. The center, with 542 parking spaces (5.07/1000 sq ft), and 1,061 feet of frontage on South New York Ave, offers local residents a modern, high-quality retail center to fulfill both their everyday needs and interests in entertaining and dining.
“P3RE Properties did a fantastic job of completely renovating and reintroducing the shopping center into the Galloway market. The property has successfully been leased up with a mix of regional and national credits, and lenders recognized this and ultimately Atlantic Stewardship Bank delivered competitive terms that aligned with Sponsor’s refinancing goals,” said John Alascio, Executive Director for Cushman. A Cushman & Wakefield Equity, Debt and Structured Finance team of John Alascio and Sridhar Vankayala represented the Sponsor in the transaction.
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Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.