LAKEWOOD, NJ, OCTOBER 10, 2005 – The Lightstone Group, one of the largest private real estate owners in the country, announced it has refinanced a two-asset, retail portfolio in New Jersey. The refinancing, totaling $23.8 million, was for the Browntown Shopping Center, a retail center located in Old Bridge, and Millburn Mall, a retail strip center located in Vauxhall.
Angela Mirizzi-Olsen, senior vice president and chief investment officer for The Lightstone Group, was responsible for closing this transaction. Ray Potter, senior vice president for Countrywide Commercial Real Estate Finance, represented the lender in the transaction.
“At The Lightstone Group we are taking advantage of competitive market conditions and refinancing properties from our original portfolio—the properties that made us what we are today,” Mirizzi-Olsen commented. “This was our first transaction with Countrywide Commercial Real Estate Finance, and we are delighted they were able to meet all of our business objectives. We look forward to working with them again in the near future.”
Jeffrey Dash, director of retail leasing of The Lightstone Group, manages both the Browntown Shopping Center and Millburn Mall, along with the other retail properties in New Jersey and the Arcadia ten-property portfolio located throughout Pennsylvania. Dash was previously employed by Saul Cantor Inc., and handled the leasing and management of the Cantor portfolio, which included the Browntown Shopping Center and Millburn Mall. When The Lightstone Group acquired the two-property portfolio in 2003, The Lightstone Group brought Dash on board.
“Jeff Dash has done a tremendous job in leasing and managing both of these assets, even before The Lightstone Group acquired them,” Olsen added. “It is a testament to Jeff’s expertise that these properties continue to experience such strong leasing and tenant retention success.”
The Browntown Shopping Center is located at Route 516 and Gaub Road in Old Bridge. Current tenants within the 92,000-square-foot Browntown Shopping Center include Diva’s Beauty Supply, Drug Fair, Janet’s Dance Centre, Model Nails, NY Sports Club, Ralph’s Famous Italian Ices, and a newly constructed Wendy’s restaurant.
Constructed in 1963, the Millburn Mall is an open-air strip center located at 2929-2933 Vauxhall Road between the Valley Street and Millburn Avenue Intersections in Union Township. The center consists of approximately 67,000 square feet and is home to such well-known establishments as Drug Fair, Union Center National Bank and Tabatchnik’s Smoke House. In addition to retail, the center has nearly 10,500 square feet of office space.
Countrywide Commercial Real Estate Finance is a division of the Countrywide Financial Corporation, providing real estate debt financing as principal for commercial properties nationwide. Commercial Real Estate offers first mortgages, B notes, mezzanine debt, preferred equity and other innovative products designed to optimize client's capital structure on commercial real estate. Over the years, Countrywide Commercial Real Estate Finance has used innovative strategies to originate more than $30 billion as principal and acted as advisor or borrower on over $4 billion in commercial real estate loans.
