Eastman Companies Secures Refinancing for The Shoppes at the Livingston Circle

HFF arranges refinancing for grocery-anchored retail center in New Jersey

April 29, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged refinancing for The Shoppes at the Livingston Circle, a 95,809-square-foot, Aldi-anchored retail center in Livingston, New Jersey.

On behalf of the borrower, Eastman Companies, HFF placed the 12-year, fixed-rate loan with Voya Investment Management. Loan proceeds will be used to refinance the existing debt.

Developed by the borrower in 1993, The Shoppes at the Livingston Circle has undergone a multi-million-dollar renovation over the past two years, including upgrading the façade and renovating tenant spaces. Currently 80% leased, the center is home to a diverse roster of service-oriented, lifestyle-focused national and local tenants, including anchor Aldi, Olive Garden, Goldfish Swim School, Hand & Stone Massage and Facial Spa, Club Pilates, Fitness 1440 and Cycle Bar. The Shoppes at the Livingston Circle is situated on 16.1 acres at 277 Eisenhower Parkway at the intersection of Eisenhower Parkway and Route 10 at the western edge of Essex County. This location is within the one of the region’s busiest retail corridors and has easy access to major highways, including the Garden State Parkway, the New Jersey Turnpike and Routes 280, 80, 10, 24 and 78. Additionally, the center serves an affluent market with 152,831 residents earning an average annual household income of more than $190,000 living within a five-mile radius.

The HFF debt placement team representing the borrower was led by senior managing directors Jon Mikula and Jim Cadranell and analyst Andrew Zilenziger.

CommercialDealsFinancingNationalNew JerseyNortheastRetail