Finance & DevelopmentJLL Capital Markets Arranges Refinancing for The Marketplace

JLL Capital Markets Arranges Refinancing for The Marketplace

BOSTON—JLL Capital Markets announced that it arranged a $6 million refinancing for The Marketplace, a 55,100-square-foot mixed-use property offering essential retail, office, storage, and hospitality in St. John, U.S. Virgin Islands.

JLL worked on behalf of the borrower, Mugar Enterprises, Inc. to secure the five-year, fixed-rate loan through Bank of New Hampshire.

The Marketplace is a three-story property offering office, retail, and storage space alongside the 12-key Marketplace Suites boutique hotel. Renovated in 2020, the building is designed to withstand hurricanes and is ADA-compatible. Tenants at The Marketplace include Starfish Market, Chelsea Drugstore, Firstbank, and St. John Hardware.

Positioned on 2.01 acres, the property is located within Cruz Bay, St. John’s main downtown area. The property benefits from the island’s tourism industry and is close to the ferry dock serving the island, the National Park Visitor’s Center, and the start of many hiking trails, as well as numerous beaches, resorts, shops, and restaurants.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Anthony Cutone and Managing Director Amy Lousararian.