24B — June 22 - July 12, 2018 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
O wners , D evelopers & M anagers
Kearny Bank closes a $16.2M loan to facilitate construction of new stores in Allaire Plaza The Mainardi Management Co. announces recent transactions in New Jersey
EW JERSEY — The Mainardi Manage- ment Co. announced At the Allaire Plaza in Wall Twp., TJX recently signed a 10- year lease for a 22,725 s/f store. The store will be operated as a TJ Maxx. ULTA Beauty and Cosmetics likewise signed a 10-year lease, this store being 11,240 s/f in size while A.C. Moore leased 14,710 s/f, also for 10 years. The three stores were created out of space that was previously occupied by Lowe’s N several lease signings at prop- erties managed by it and the closing of two loans by affiliates of the company.
Express. The Allaire Plaza is a 114,532 s/f. shopping center. The center is anchored by a Whole Foods Supermarket. To facilitate the construction of the new stores at the shopping center, the company closed a $16.2 million loan with Kearny Bank of Fairfield, New Jersey. This was the fourth loan that the company had closed with Kearny. At the Union Medical Park in Union, the company recently expanded and extended the lease for Overlook Hospital. The Atlantic Health System subsidiary leased an additional
Landlords & renters to benefit from Obligo's cashless deposit standard NEW YORK, NY — Ob- ligo Inc. announced that it has completed a $5 million financing round. Obligo has developed a new financial standard to replace the se- curity deposit – the large sum of money required when renting an apartment. Under this new standard, tenants would provide landlords with a limited billing authorization instead of a cash deposit, al- lowing landlords to bill them for any damages incurred at the end of tenancy. This bill- ing authorization relies heav- ily on state-of-the-art Open Banking technology, and is backed by a novel credit-based capital structure. Obligo’s solution has been developed in collaboration with Silicon Valley Bank’s New York City FinTech team. The seed round was led by 83 North and included invest- ments from Entrée Capital and HFZ Capital, in addition to a $2 million credit facility from Viola Credit. Proceeds will be used to drive new client acquisition, meet the growing demand for deposit-free leas- ing, and further advance the development of Obligo’s cut- ting edge underwriting and payment technology. The financing arrives in con- junction with the commence- ment of two new landlord partnerships that will help launch the company into the mainstream rental landscape. Olshan Properties, and Adam America collectively own and manage more than 15,000 rent- al units throughout NYC. 14,500 s/f and extended the lease for all its space in the building by 15 years. At the same location, Union Fresh Start, doing business as Se- renity, a detoxification facility, leased an additional 14,200 s/f and also extended their lease by 15 years. Union Medical Park is a full-service medical office building located at 1000 Galloping Hill Rd. in Union. As a result of the new lease sign- ings, the company was able to refinance its mortgage on the property, borrowing $12.55 million from Lakeland Bank based in Oak Ridge.
1000 Galloping Hill Rd.
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