Urstadt Biddle Properties Inc. Announces Completion of $35 million Mortgage Loan Financing For The Dock Shopping Center in Stratford, CT
February 03 2022 - 3:15PM
Business Wire
Urstadt Biddle Properties Inc. (the “Company”) (NYSE: UBA and
UBP) announced today that two wholly-owned subsidiaries of the
Company have completed the mortgage refinancing of one of the
Company’s retail properties, The Dock Shopping Center in Stratford,
Connecticut. The mortgage financing has a ten year term with
monthly payments based on a thirty year amortization period at a
variable interest rate based on the Secured Overnight Financing
Rate (“SOFR”), plus an applicable spread. Concurrent with entering
into the mortgage, the Company entered into an interest rate swap
agreement with the lender as the counterparty, which converts the
variable rate based on SOFR to a fixed rate of interest totaling
3.0525% per annum. The lender and counterparty to the swap is The
Bank of New York Mellon and there was no intermediary involved. The
Dock Shopping Center is a 278,000 square foot shopping center
anchored by a 60,000 square foot Super Stop & Shop, and a
107,000 square foot BJ’s Wholesale Club; other tenants include Edge
Fitness, West Marine, Petco, Dollar Tree, BevMax, DOCS Urgent Care
and Popeye’s Louisiana Kitchen.
Commenting on the transaction, Willing L. Biddle, the Company’s
President and Chief Executive Officer said, “We are pleased to have
completed this non-recourse mortgage re-financing with the Bank of
New York Mellon at such a competitive rate, and with a low
loan-to-value ratio that is in keeping with our conservative
management approach. The Dock is a tremendous shopping center that
is 99% leased, which has come through the pandemic in good shape.
After this financing, the ratio of our debt to estimated enterprise
value is 23%, which is one of the lowest of any publicly-traded
shopping center REIT, and we have no significant mortgages coming
due for the rest of 2022”.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
78 properties containing approximately 5.3 million square feet of
space. Listed on the New York Stock Exchange since 1970, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 208 consecutive quarters
of uninterrupted dividends to its shareholders since its
inception.
Certain statements contained herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among other
things, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors.
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version on businesswire.com: https://www.businesswire.com/news/home/20220203005782/en/
Willing L. Biddle, President & COO or John T. Hayes, SVP
& CFO Urstadt Biddle Properties Inc. (203) 863-8200
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