NorthMarq Capital arranges $49.4 million of floating-rate financing for retail portfolio in Paramus, New Jersey

NEW JERSEY (February 8, 2016) – Gregory Nalbandian, managing director of NorthMarq Capital’s New Jersey based regional office arranged $49.4 million of floating-rate financing for a 244,000 sq. ft. retail portfolio, comprised of four properties on Route 17 in Paramus, New Jersey. Working exclusively for Advance Realty, the financing was placed with Natixis Real Estate Capital. Proceeds from the financing provided for both the acquisition of the assets and a future funding facility for re-tenanting and redevelopment costs. Three of the buildings are located at 289-315 Route 17 South, touting two standalone buildings currently utilized by a PGA Tour Superstore and a P.C. Richard & Son. The fourth property is located at 60 Route 17 North. The asset is a 75,000 sq. ft. power center shadow-anchored by Westfield Garden State Plaza, the State’s largest regional mall, and features strong national retailers, DSW Designer Shoe Warehouse and PetSmart. A vacant 25,000 sq. ft. end cap, (formerly occupied by Staples) will be re-tenanted, providing for future upside. “The combination of the trophy retail location within the heart of prime Route 17, stellar sponsorship with a very successful track record for repositioning properties, and strong in-place cash flow providing a very attractive debt yield going-in combined with a value add opportunity provided for significant competition on this financing assignment,” said Nalbandian. “Natixis’ balance sheet ultimately distinguished themselves with premium pricing on a non-recourse basis for the venture.”