Stafford Park, a premier open-air retail destination in Ocean County, has successfully secured a $20.5 million refinancing loan, JLL Capital Markets announced Friday.
The funding for the 140,893-square-foot shopping center was arranged on behalf of the developer, Walters Group. JLL facilitated the five-year, fixed-rate loan through an undisclosed investment manager.
Located at 215 Stafford Park Blvd., the center occupies a prime real estate position directly off Exit 63 of the Garden State Parkway. Its strategic location boasts visibility to over 33,600 vehicles daily and has cemented its status as the most visited shopping destination within a 15-mile radius.
Over the last year, Stafford Park has recorded more than four million visits, driven by its 100% occupancy rate and a roster of high-credit national tenants, including:
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Dick’s Sporting Goods
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Best Buy
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PetSmart
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Ulta
The center’s appeal is further bolstered by “shadow anchors” Costco and Target, which drive significant cross-shopping traffic to the site.
The refinancing comes at a time when lenders are increasingly selective, favoring assets with proven performance and stable tenancy.
“Stafford Park represents exactly the type of high-quality retail asset that attracts competitive financing in today’s market,” Jim Cadranell, senior managing director at JLL Capital Markets said. “The combination of 100% occupancy, strong national tenants, and an affluent trade area… made this a compelling story for lenders.”
The JLL Debt Advisory team representing the Walters Group included Cadranell, Director Ryan Carroll, and Analyst Christian Badalamenti.
The borrower, Walters Group, is a Barnegat-based real estate leader specializing in residential and commercial development across southern New Jersey. Since developing Stafford Park in 2007, the firm has maintained the property as a cornerstone of the region’s retail landscape.
