NEW JERSEY—NorthMarq’s New Jersey regional office has closed on an $11.4 million loan for the acquisition of the Orion, a 42,774-sq.-ft. retail condominium as part of the newly constructed 58-story residential high-rise. Working exclusively on behalf of a real estate investment trust client, NorthMarq’s Gregory Nalbandian, senior vice president and managing director, secured five-year, interest-only financing through a regional bank.
Located on West 42nds Street between 8th and 9th Avenues, the property contains tenants including Icon Parking, Well Green Market and Starbucks, among others.
“Given the strength of the location coupled with the long-term leases in place well beyond the five-year loan term and low 55 percent LTV on this strategic acquisition, NorthMarq was able to get this regional bank to break pricing and provide a very low 3 percent full-term, interest-only loan,” said Nalbandian. “The loan also features a very aggressive prepayment structure that is open at par the last two years of the loan term.”