NorthMarq Capital arranges $12 million in permanent financing for the Bi-State Plaza Shopping Center in Old Tappan, New Jersey

NEW JERSEY (January 28, 2016) – Gregory Nalbandian, managing director of NorthMarq Capital’s New Jersey based regional office secured permanent financing of $12 million for the Bi-State Plaza Shopping Center, a 88,000 sq. ft. grocery-anchored shopping center in the affluent community of Old Tappan, New Jersey. Working exclusively for A&R Associates, the 10-year fixed rate refinancing was placed with Bayonne Community Bank. “While the center has been predominately 100-percent leased since it was originally constructed several decades ago, the 32,000 sq. ft. grocer pad was going through a transition from a bankrupt A&P to a Super Foodtown,” said Nalbandian. “Foodtown saw a very compelling opportunity to purchase the below market A&P lease and enter a very attractive and high barrier to entry market with no other grocer within a three mile radius. Once Foodtown opened with no disruption in service after A&P vacated, ownership elected to prepay the loan early and take advantage of very attractive long-term interest rates.” Bi-State Plaza has an excellent mix of national and local tenants including CVS, JP Morgan Chase, Starbucks and, most recently Mooyah (a San Antonio based hamburger franchise). “The combination of the excellent tenant diversity, outstanding demographics, and lower loan-to-value with predictable and durable cash flow provided for substantial competition for this financing assignment,” added Nalbandian. “Bayonne Bank ultimately provided a very aggressive, ten-year fixed-rate loan on a non-recourse basis that met all the objectives of the borrower.”