June 2022: Bryan J. Houlihan and James J. Houlihan of Houlihan Parnes Realtors, LLC, are pleased to announce the placement of a $16,300,000 first mortgage on the 253,000 square foot regional shopping center known as Independence Plaza located at 2465 South Broad Street in Hamilton, New Jersey. The owners acquired the note for the 20% occupied shopping center in 2014 for $7,000,000. Since acquiring the deed the property has seen substantial improvement with the addition of such tenants as Regal Cinemas, Crunch Fitness, and Ollies Bargain Outlet the center is now 90% occupied.

Houlihan Parnes was able to negotiate a 3.875% fixed rate loan for a term of 5 years with the first 12 months being interest only. The borrower also has an option to extend the loan for an additional 5 years. The property enjoys a robust and diverse tenant roster. Main tenants include: Regal Cinemas, Ollie’s Discount Outlet, Crunch Fitness, Save-a-lot, and Dollar Tree. The borrower was represented by Elizabeth Smith of Goldberg Weprin Finkel Goldstein, LLP. Title was insured by First American Title Insurance Company.

The property is owned by Samuel Jemal of JJ Operating, Inc., and members of the Jemal family, together with James J. Houlihan and members of Houlihan Parnes. The property is one of many large successful renovation projects for the Houlihan and Jemal families, who have partnered together on various deals across the New York metropolitan area for three generations since the mid-1980s.