GALLOWAY TOWNSHIP — Developers of Smithville Square have received a $6.5 million bank loan as the shopping center continues to make improvements.
According to a report, P3RE Properties has borrowed from Atlantic Stewardship Bank to refinance the 107,000-square-foot retail center.
“It was a non-financeable deal when we purchased it,” said P3RE Properties developer Harvey Rosenblatt.
The loan, advised by Cushman & Wakefield, includes a five year, fixed-rate financing agreement.
Rosenblatt purchased the shopping center in March 2016 and made significant changes, hoping to lure new business tenants.
“We put in a significant amount of work and money to make Smithville Square stable,” he said.
The shopping center is about 75 percent occupied with 19 storefront tenants, including a Dunkin’ Donuts, Anytime Fitness and Bellino’s Market.
The most recent addition, Pet Valu, will host a grand opening Saturday.
“It’s a testament to what we have accomplished so far,” said Rosenblatt, “but we still have a big-box store to get filled and more tenants coming.”