Urban Edge Properties Successfully Refinances Bergen Town Center Mortgage
12 Abril 2023 - 8:00AM
Business Wire
Urban Edge Properties (NYSE: UE) today announced the successful
refinancing of its mortgage loan for Bergen Town Center. The new
seven-year, $290 million fixed rate mortgage loan is being provided
by New York Life Insurance Company and MetLife Investment
Management as co-lenders and replaces the previous mortgage on the
property which had an outstanding balance of $300 million. With
this refinancing, the Company has reduced its debt maturing through
the end of 2025 to $235 million, representing less than 15% of
outstanding indebtedness.
“We are pleased to announce the successful refinancing of Bergen
Town Center’s mortgage, particularly given the unprecedented
volatility in the debt capital markets,” said Jeff Olson, Chairman
and Chief Executive Officer. “We appreciate our partnership with
two large, high-quality lenders who shared our enthusiasm for the
stability and growth of this property, and we look forward to
continuing to enhance the value of this flagship asset.”
Bergen Town Center is a Whole Foods and Target anchored property
located in Paramus, New Jersey. The property comprises 1.0 million
sf of gross leasable area and attracts over 11 million visitors
annually. The retail corridor where the property is located
benefits from traffic counts of 155,000 vehicles per day and boasts
a five-mile population of approximately 550,000 people with average
annual household incomes of $140,000.
ABOUT URBAN EDGE PROPERTIES Urban Edge Properties is a
NYSE listed real estate investment trust focused on managing,
acquiring, developing, and redeveloping retail real estate in urban
communities, primarily in the Washington, D.C. to Boston corridor.
Urban Edge owns 76 properties totaling 17.2 million square feet of
gross leasable area.
ABOUT NEW YORK LIFE New York Life Insurance Company
(www.newyorklife.com), a Fortune 100 company founded in 1845, is
the largest1 mutual life insurance company in the United States and
one of the largest life insurers in the world. Headquartered in New
York City, New York Life’s family of companies offers life
insurance, retirement income, investments, and long-term care
insurance. New York Life has the highest financial strength ratings
currently awarded to any U.S. life insurer from all four of the
major credit rating agencies.2
_______________________ 1Based on revenue as reported by
“Fortune 500 ranked within Industries, Insurance: Life, Health
(Mutual),” Fortune magazine, 5/23/2022. For methodology, please see
http://fortune.com/fortune500/. 2Individual independent rating
agency commentary as of 10/18/2022: A.M. Best (A++), Fitch (AAA),
Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
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version on businesswire.com: https://www.businesswire.com/news/home/20230412005265/en/
Mark Langer, EVP and Chief Financial Officer (212) 956-0082
Urban Edge Properties (NYSE:UE)
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