22 — January 13 - 26, 2012 — New Jersey — Mid Atlantic Real Estate Journal
MARE journal.com
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For retail property in Freehold Triangle Equities recapitalizes $5.5 million loan for 62,000 s/f F REEHOLD, NJ — Trian- gle Equities Development Corp, LLC, a Queens, NY
close the equity gap generated by falling market values and a loss of all of the tenants in this 100% vacant shopping center. Its capital was used to take out the existing conduit loan and it will also provide funds for re-tenanting the building and capital expenditures neces- sary to bring the property back to life. “We were able to structure a deal that worked for all par- ties involved – the lender, the former sole owner and our new capital – and effectively saved the property from foreclosure,”
said Triangle’s director of acqui- sitions Brett Goldman. Triangle was able to recapitalize the asset while keeping the origi- nal owner’s equity in the deal byre-pricing the equity/debt structure of this asset to today’s value. “The property features strong underlying fundamentals in- cluding a unique location in a high-income area on the ac- cess road to the second largest indoor shopping mall in New Jersey,” said Josh Weingarten, Triangle’sAssociate of Develop- ment and Acquisitions. ■ Hartz Mountain leases to Panera Bread in Harmon Meadow, Secaucus SECAUCUS, NJ — Panera Bread will open another café in Northern NJ - HarmonMeadow , Secaucus, NJ. The space is leased by Secaucus based Hartz Mountain Industries. “We are thrilled to open our newest bakery-cafe in such a great location,” said Robert MacEachern Joint Venture Area Director, Panera Bread. We are happy to offer this com- munity fresh and wholesome food choices; paired with the convenient service their busy schedules demand. The district manager Ted Ramnarain who resides in Bergen County says “New bakery cafe openings are always exciting; it brings a new energy to the community.” We will be giving away some nice surprises to our opening day customers. “It’s always nice to have com- panies such as Panera Bread bring a renewed energy into the town of Secaucus, and we are thrilled to have them as part of our community,” said Secaucus Mayor Michael Gonnelli. “We appreciate their partnership with the town of Secaucus to donate bread to the Secaucus Food Pantry as part of their Day-End Dough-Nation pro- gram.” Panera is located on the Mill Creek side of Harmon Meadow at 200 Mill Creek Dr. The café will be 5,000 s/f located next to Verizon Wireless and Casual Male. “We have spent the past 27 years building Secaucus into the shopping and dining Mecca that you see today,” said Emanuel Stern, president and COO for Hartz Mountain In- dustries. ■
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– based commercial real estate development and investment company announced the com- pletion of a joint venture and equity recapitalization with EF Partners. Triangle took responsibility for $5.5 million in CMBS debt EF Partners had at 200-220 Trotters Way, a 62,000 s/f retail center, and earned a control- ling stake in the property. By injecting “rescue capital” into the asset, Triangle was able to
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