NorthMarq Capital secures $11.35m refinance for Route 17 retail property in Paramus, NJ

April 29, 2016

 

PARAMUS, NJ — Ed Riekstins, senior vice president of NorthMarq Capital’s Boston regional office negotiated the $11.35 million refinance for the acquisition of 38,729 s/f of retail property located at 501 Route 17 South in Paramus. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. Staples is the property’s major tenant. “NorthMarq Capital was able to secure an 8-month forward rate lock to secure a rate at the current favorable market conditions, but close at a later date to avoid a substantial prepayment penalty,” said Riekstins. “We are eager to do more business with this borrower in the near future.”

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