MORRISTOWN (March 22, 2018) – Gary Cohen, senior vice president/managing director of NorthMarq’s New Jersey regional office, arranged acquisition financing of $8.6 million for a 254,449 sq. ft. multi-tenant distribution warehouse located at 301 Railroad Avenue in Shiremanstown, Pennsylvania (Cumberland County). The transaction was structured with a 5 year fixed rate term, with 2 years of interest only payments followed by a 30 year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. Major tenants at the property include: Intelligent Global Pooling Systems, Paint Sundries Solutions, Performance Radiator and John Deere.
“The Borrower is a Connecticut based Fund manager who strictly focuses on acquiring and developing industrial real estate in New Jersey, Pennsylvania and California,” noted Cohen. “NorthMarq was able to help the borrower secure acquisition financing with a regional bank at an attractive rate. The borrower will also have an opportunity to borrower additional funds to help pay for future capital expenditures, leasing commissions and tenant improvements.”