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Project will Transform Former Enclosed Mall into Regional Power Center

LEDGEWOOD, N.J., Sept. 9, 2019 – With a $72.5 million construction loan in place, the redevelopment of The Shops at Ledgewood Commons in Roxbury Township, N.J. is set to move forward. Cushman & Wakefield’s Equity, Debt & Structured Finance (EDSF) team arranged the financing with Santander Bank on behalf of the retail property’s ownership, affiliates of Advance Realty Investors.

“While financing retail centers can be challenging in the current climate, quality assets and experienced sponsors still garner strong demand from a subset of lenders, which, given our strong lender relationships and deal flow volume, we were able to tap into,” noted EDSF member John Alascio, who headed the assignment with Sridhar Vankayala, TJ Sullivan and Zachary Kraft. “During the marketing process, we secured competitive interest from a number of banks and debt funds and ultimately selected Santander based on its clear understanding of the redevelopment and ability to provide the attractive terms and flexibility necessary to complete the project.”

Located in the heart of Morris County, Ledgewood Commons sits directly on Route 10, a notable trade corridor just one quarter mile from Route 46 and two miles from I-80.

“We could not be more pleased with our team’s collective execution on this financing and we greatly look forward to the revitalization of this once thriving mall,” said Alex Cocoziello for Advance Realty Investors. “Once complete, this center will serve as the model for how struggling retail centers, through great partnerships and creativity, can be successfully repositioned,” Cocoziello added.

“The ownership has already added significant value to Ledgewood Commons via strong pre-leasing and re-commitment from existing tenants, which speaks volumes to the strength of the center,” Vankayala said. “Coupled with robust market and consumer demographics, this gave potential lenders comfort and enabled them to appreciate the center’s potential to transform into a vibrant retail power center anchored by credit tenants. As retail trends continue to move away from traditional malls, Ledgewood Commons is positioned to thrive in the modern retail environment as a premier open-air retail destination.”

Cushman & Wakefield EDSF is a leading advisor of state-of-the-art financing and equity structuring, with a demonstrated track record for completing mid-market and large, complex transactions at exceptional terms. The team executed nearly $12 billion in 2018. This included debt and equity for acquisitions, refinancings, recapitalizations and loan sales and capital solutions for senior and subordinate debt, as well as limited partner and general partner equity.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit or follow @CushWake on Twitter.

About Advance Realty Investors

Advance Realty Investors is a privately-owned real estate investment, development and management company that has been in business for over 40 years. Advance owns, manages or has invested in a diversified, 15-million-square-foot portfolio across all asset classes. The company actively pursues real estate investments in residential, industrial, mixed-use and Class A office properties that enhance value through development, repositioning and redevelopment. Advance Realty is one of New Jersey’s most well-respected owner/operator/ developers in the Northeast Corridor. Visit for more information.

Karen Ravensbergen/Irene Zampetoulas
Caryl Communications