NorthMarq Capital arranged $6.15 million mortgage for 10 Industrial Avenue in Mahwah, New Jersey
10 Industrial Avenue
PARSIPPANY (June 12, 2013) – Gary Cohen, senior vice president and senior director of NorthMarq’s North New Jersey regional office, arranged a first mortgage refinancing of $6.15 million for 10 Industrial Avenue, a 91,448 sq. ft. warehouse/office property located in Mahwah, New Jersey. Financing was based on a 5-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, Hampshire Generational fund, through its relationship with a regional bank. “The existing lender provided the borrower an opportunity to pay off the existing loan and waived the prepayment penalty,” Cohen said. “We structured a deal with a new lender to mitigate the lease rollover and provided the borrower the opportunity to refinance the asset at very favorable terms.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.