NorthMarq Capital's Boston office arranged $7.45 million mortgage for industrial portfolio in Somerset, NJ
Somerset Industrial Portfolio
BOSTON (July 24, 2013) – James M. Murphy, managing director of NorthMarq’s Boston regional office, arranged first mortgage refinancing of $7.45 million for an industrial portfolio in Somerset, New Jersey. The properties are located at 400 & 500 Apgar Drive and contain a total of 170,459 sq. ft. of industrial space. Financing was based on a 5-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, High Street Equity, through its relationship with a correspondent life company lender. “This financing has a flexible prepayment structure and allowable partial releases,” Murphy said. “This is another example of High Street’s ownership of quality real estate combined with low leverage being attractive to the lender.”
About Northmarq
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.
