NorthMarq Capital arranged $8 million mortgage for Millburn Shopping Center in Short Hills, New Jersey

PARSIPPANY (May 3, 2013) – The New Jersey office of NorthMarq recently closed an $8 million refinancing for Millburn Shopping Center, a prime, well-located 67,000 sq. ft. mixed-use shopping center in prestigious Short Hills, New Jersey. Cando Fitness, Harmon Discount and Panera Bread are major tenants at the center. Working exclusively for the borrower, MSS Millburn Realty Company, Greg Nalbandian, managing director, structured a very attractive 22-year self-liquidating loan at a 4.0% interest rate through NorthMarq’s relationship with its correspondent life company lender, Genworth Financial. “The borrower, a multi-generational family business, was accustomed to doing short term bank financings under a five-year term and a five-year reset and was very unfamiliar with the life company world,” said Nalbandian. “Understanding the client is a long-term holder of their real estate assets and a conservative borrower in the way of leverage, we advised them that several of our life company correspondents could provide very attractive long-term fixed-rate financing on this irreplaceable asset at very aggressive pricing. The transaction was a win-win for our borrower and lender with the borrower taking advantage of historically low interest rates and putting the asset to bed for the next 22 years while also accomplishing a meaningful cash out at 50% LTV and the lender putting a great loan on its books with the asset situated in a AAA location, less than a mile away from The Mall at Short Hills.”