Urban Edge Properties Successfully Refinances Bergen Town Center Mortgage
Urban Edge Properties (NYSE: UE) today announced the successful refinancing of its mortgage loan for Bergen Town Center.
- Urban Edge Properties (NYSE: UE) today announced the successful refinancing of its mortgage loan for Bergen Town Center.
- The new seven-year, $290 million fixed rate mortgage loan is being provided by New York Life Insurance Company and MetLife Investment Management as co-lenders and replaces the previous mortgage on the property which had an outstanding balance of $300 million.
- With this refinancing, the Company has reduced its debt maturing through the end of 2025 to $235 million, representing less than 15% of outstanding indebtedness.
- “We are pleased to announce the successful refinancing of Bergen Town Center’s mortgage, particularly given the unprecedented volatility in the debt capital markets,” said Jeff Olson, Chairman and Chief Executive Officer.