NEW JERSEY—NorthMarq’s North New Jerseyoffice has arranged first mortgage refinancing of $7.4 million for Loehmanns Plaza, a 212,134-sq.-ft. community shopping center in East Brunswick. NorthMarq’s Gary Cohen, senior vice president and senior director, along with Greg Nalbandian, senior vice president and managing director, arranged the financing.
Loehmanns is the major tenant at the center and financing was based on a five-year term and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent life insurance company.
“The property was older with manymaturing during the loan term,” said Cohen. “The lender was able to get comfortable based on the low loan to value and strength of the borrowing entity. The borrower wanted to roll over the existing loan balance and the lender was able to provide an attractive quote with an ease of execution.”