Northmarq’s Debt + Equity team arranges $950k refinance of U.S. Postal Service-leased building in East Rutherford, NJ
189 & 193 Park Avenue
Northmarq’s White Plains Debt + Equity team led by Robert Ranieri successfully arranged the $950,000 refinance of a 3,644-sq.-ft. single-tenant commercial building located at 189 & 193 Park Ave. in East Rutherford, New Jersey. The building is 100% leased to the U.S. Postal Service, which has been a tenant there for more than 50 years.
Northmarq arranged the permanent-fixed loan on behalf of its client, 189-193 Park Avenue LLC, through a relationship with Peapack Gladstone Bank. The deal was structured on a five-year term.
“Our long-standing client owned a freestanding post office that had a loan maturing,” Ranieri said. “We found a bank who saw the value of this location and one that had been occupied by a USPS branch for many years.”
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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.
