BOSTON – James M. Murphy, managing director of NorthMarq’s Boston regional office, arranged first mortgage refinancing of $27.7 million for a portfolio flex/warehouse properties in Allendale, New Jersey. The properties are located at 1, 2, 3, 5, 6 & 7 Pearl Court and 59 Route 17 and contain a combined total of 368,556 sq. ft. of industrial space. Financing was based on a 5-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, High Street Equity, through its relationship with a correspondent life company lender.
“This transaction was a full-leveraged financing with a flexible prepayment structure and allowable partial releases,” Murphy said. “We were pleased to continue our relationship with both the lender and borrower in the funding of this loan.”
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.