NorthMarq Capital finalizes $18 million refinance of Concordia Shopping Center in Monroe Township, New Jersey
Concordia Shopping Center
NEW YORK CITY (February 16, 2015) – Ernest DesRochers, senior vice president and co-managing director of NorthMarq Capital’s New York metro office arranged an $18 million mortgage loan for the refinance of Concordia Shopping Center, a 135,090 sq.ft. retail property located at 1600 Perrineville Road in Monroe Township, New Jersey. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. Stop & Shop represents the property’s major tenant. “The anchor tenant lease has less than 10-years remaining on its term but the lender was able to get over that risk on account of both the strong location and tenant sales history,” said DesRochers. “The lender closed the loan within a very specific time frame to accommodate the needs of the borrower.”
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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.
