Urban Edge Properties (NYSE: UE) announced today that it has closed on a $123.6 million interest-only, non-recourse mortgage on a portion of Shoppers World located in Framingham, MA. The 4-year Secured Overnight Financing Rate (“SOFR”) loan was swapped and converted to a fixed interest rate of 5.12%. The Company used a portion of the proceeds from the financing to pay off the $90 million outstanding balance on its line of credit that was bearing interest at a rate of 5.48%.
Shoppers World is a premier open-air shopping center in the Boston, MA suburbs totaling 752,000 sf and anchored by several TJX Companies including T.J. Maxx, Marshalls, HomeSense and Sierra Trading as well as Best Buy and Nordstrom Rack. The Company acquired the property in October of 2023.
“We are very pleased with the successful financing of Shoppers World,” said Jeff Olson, Chairman and CEO. “The attractive pricing of this debt is a reflection of the high quality nature of this asset and the surrounding market. Our balance sheet remains well positioned for growth with approximately $900 million of liquidity and only 9% of total indebtedness coming due through 2026.”
ABOUT URBAN EDGE PROPERTIES
Urban Edge Properties is a NYSE listed real estate investment trust focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 72 properties totaling 17.1 million square feet of gross leasable area.
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Contacts
For additional information:
Mark Langer, EVP and
Chief Financial Officer
212-956-0082
