The Provident Bank closes $55m loan for the development of a 244,450 s/f shopping center
CLARK, NJ — The Provident Bank, a leader in commercial real estate lending statewide, has closed a $55 million loan for the development of a new, 244,450 s/f shopping center in Clark. Krame Development will develop 27 retail spaces housed in seven buildings on the 28-acre parcel of land located on the former US Gypsum paper plant site. Construction is expected to be completed in late spring 2015 with a proposed Grand Opening on or about August 1, 2015. Executed leases lined up for 100% of the center include anchor tenants of Whole Foods and Home Goods. Other prominent tenants in the project include L.A. Fitness, Michael's, Petco, Ulta, Modell's and Party City. Provident and M&T Bank provided the construction financing with Provident as administrative agent. Gregory Lamb handled the transaction on behalf of Provident.
"We have attracted the most desirable National and Regional tenants to this project due to its superb location and the quality of construction," said William Krame, president of Krame Development. "We went to great lengths to select retailers that will complement each other and appeal to a broad section of the local population. Furthermore, we designed the project to make it pedestrian friendly and a true community shopping experience."
As a major provider of commercial real estate loans in New Jersey, The Provident Bank specializes in financing retail, office, warehouse, apartment and mixed-use properties. In addition, Provident also provides construction financing for both new construction and building renovations for a variety of property types, including tract developments with multiple homes, condominium developments, retail centers and office buildings.