BankUnited Inc. (NYSE: BKU) closed on two loan deals enabling KPR Centers to purchase one New Jersey shopping center and refinance a second shopping center in the company’s existing portfolio.
“BankUnited is very pleased to support our valued client, KPR Centers, as it continues to grow in New Jersey and many other markets,” said BankUnited Executive Vice President Ben Stacks, head of commercial real estate banking. “We look forward to continuing this important relationship as additional funding needs arise in 2025 and beyond.”
One of the loans, for $27,105,000, helped fund the acquistion of Eagle Plaza, a 227,718-square-foot grocery anchored retail center located in Voorhees, New Jersey, which was purchased for $41.7 million. The other loan, for $22,750,000, provided refinancing for Concordia Shopping Center, a 135,090-square-foot, grocery-anchored retail center located in Monroe, New Jersey. Carly Berfas and Anthony McCoy are the BankUnited lending officers responsible for the deals.
“As our lending partner on these deals, BankUnited worked diligently to support our strategic goals as we continue to acquire high-performing retail centers,” said Daniel Katz, Managing Partner of KPR Centers. “We look forward to a continued relationship with BankUnited as new opportunities present themselves.”
KPR Centers is a real estate development and investment group that owns and self-manages approximately 10 million square feet of retail space in 18 states.
Named one of the World’s Most Trustworthy Companies and one of America’s Greatest Workplaces by Newsweek magazine, Miami Lakes-based BankUnited operates banking centers in Florida, New York and Dallas, Texas, and offers 24-hour digital access to individuals, small businesses, middle-market companies, large corporations, and institutions seeking a broad range of consumer and commercial banking products and services. For more information, visit BankUnited.com or call (877) 779-2265.