NorthMarq Capital’s New Jersey office secures $18.5 million refinance of Rosman Center in Haverstraw, New York

MORRISTOWN (March 15, 2018) – Gary Cohen, senior vice president/managing director of NorthMarq’s New Jersey regional office, arranged the $18.5 million refinance of The Rosman Center, a 123,073 sq. ft. grocer-anchored retail property located in Haverstraw, Rockland County, New York. The property is anchored by a 60,453 sq. ft. ShopRite who just renewed their lease for another 10 years. The transaction was structured with a fully amortizing 20-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The borrower is a New York-based developer who has a seasoned track record of excellence in this market,” said Cohen. “NorthMarq was able to secure the borrower long-term financing with a national life company at an attractive rate before the run up on the treasuries began. Ownership was able to pay off their debt service and return trapped equity which will be reinvested and put back into the property.”