Urstadt Biddle Properties Inc. Announces Completion of $35 million Mortgage Loan Financing For The Dock Shopping Center in Stratford, CT

Feb 03, 2022

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.

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