Urban Edge Properties has closed on a $123.6-million interest-only, non-recourse mortgage on a portion of Shoppers World located in Framingham, MA. The four-year SOFR loan was swapped and converted to a fixed interest rate of 5.12%. The REIT 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%.
First opening in 1951, Shoppers World spans 752,000 square feet and is anchored by several TJX Companies including T.J. Maxx, Marshalls, HomeSense and Sierra Trading along with Best Buy and Nordstrom Rack. Urban Edge 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.”
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