CBRE arranges $7.7 million refinancing in Monroe Twp.
MONROE TWP., NJ — CBRE Group, Inc., one of New Jersey’s largest commercial real estate brokerage firms, announced that its Capital Markets Debt & Structured Finance team has completed a $7.7 million first mortgage refinancing secured by Monroe Town Center, a 32,205 s/f community retail center in Monroe Township. The CBRE team of James Gunning, Donna Falzarano and Evan Kleppe arranged the refinancing on behalf of Monroe Center Associates, LLC, marking the second time that the CBRE team has represented the borrower in the financing of the asset. Following a competitive bidding process involving a number of lenders and offers, the borrower selected a CMBS loan with a 10-year term from UBS Real Estate Securities, Inc. Monroe Town Center is a firmly entrenched retail strip anchored by a Wawa store rated the 26th highest seller in non-gas locations of the entire Wawa chain. The center boasts a varied roster of tenants that offers local residents numerous dining options, as well as dental and vision services. Located at the intersection of Applegarth Rd. and Prospect Plains Rd., Monroe Town Center offers immediate accessibly from Exit 8A of the New Jersey Turnpike.