Cushman & Wakefield has arranged a $72.5 million construction loan for the redevelopment of The Shops at Ledgewood Commons in Roxbury Township, New Jersey, allowing the conversion of the former Ledgewood Mall into a power center to move forward. The firm’s Equity, Debt & Structured Finance (EDSF) team arranged the financing with Santander Bank on behalf of the owners, affiliates of Advance Realty Investors.
“We could not be more pleased with our team’s collective execution on this financing and we greatly look forward to the revitalization of this once thriving mall,” said Alex Cocoziello of Advance Realty Investors. “Once complete, this center will serve as the model for how struggling retail centers, through great partnerships and creativity, can be successfully repositioned.”
Ledgewood Commons sits directly on Route 10, a major trade corridor just one quarter mile from Route 46 and two miles from Interstate 80. EDSF member John Alascio headed the assignment with Sridhar Vankayala, T.J. Sullivan and Zachary Kraft.