Urban Edge Properties Secures $123.6 Million Financing for Shoppers World

Urban Edge Properties has closed a $123.6 million interest-only mortgage on a portion of Shoppers World in Framingham, MA. The loan is a 4-year Secured Overnight Financing Rate (SOFR) loan with a fixed interest rate of 5.12%. The company used proceeds to pay off a $90 million line of credit with a 5.48% interest rate. Shoppers World is a 752,000 sf open-air shopping center anchored by several TJX Companies and Best Buy.

Urban Edge Properties (NYSE: UE) has successfully closed a $123.6 million interest-only mortgage on a portion of Shoppers World in Framingham, MA. The 4-year loan, which is a Secured Overnight Financing Rate (SOFR) loan, was converted to a fixed interest rate of 5.12%. The proceeds from this financing were used to pay off a $90 million line of credit that was previously bearing interest at a rate of 5.48% [1].

Shoppers World, a 752,000 square foot open-air shopping center, is anchored by several TJX Companies including T.J. Maxx, Marshalls, HomeSense, and Sierra Trading, as well as Best Buy and Nordstrom Rack. The property was acquired by Urban Edge Properties in October 2023 [2].

Jeff Olson, Chairman and CEO of Urban Edge Properties, expressed satisfaction with the successful financing of Shoppers World. He noted that the attractive pricing of the debt reflects the high quality of the asset and the surrounding market. The company's balance sheet remains well positioned for growth, with approximately $900 million in liquidity and only 9% of total indebtedness coming due through 2026 [3].

References:
[1] https://www.stocktitan.net/news/UE/urban-edge-properties-announces-123-6-million-financing-of-shoppers-flbbhkign5co.html
[2] https://www.morningstar.com/news/business-wire/20250805265363/urban-edge-properties-announces-1236-million-financing-of-shoppers-world
[3] https://www.marketscreener.com/news/urban-edge-properties-announces-123-6-million-financing-of-shoppers-world-ce7c5ed8df8cf52c