NorthMarq’s Ranieri arranges $16.5M refinance of Wallington Plaza in NJ
Wallington, NJ — Robert Ranieri, senior VP/managing director of NorthMarq’s White Plains office secured the $16.5 million refinance of Wallington Plaza. The 94,297 s/f grocery-anchored retail property is located on Paterson Ave. in Wallington. The permanent-floating rate loan was structured with a seven-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank. “We were able to close the loan during the COVID-19 pandemic because the property is anchored by a ShopRite supermarket which is considered an essential business serving the needs of the neighboring communities,” said Ranieri. As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals.