WHITE PLAINS, NEW YORK (April 30, 2020) – Robert Ranieri, senior vice president/managing director of NorthMarq’s White Plains office secured the $16.5 million refinance of Wallington Plaza. The 94,297 sq. ft. grocery-anchored retail property is located on Paterson Avenue in Wallington, New Jersey. The permanent-floating rate loan was structured with a 7-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank.
“We were able to close the loan during the COVID-19 pandemic because the property is anchored by a ShopRite supermarket which is considered an essential business serving the needs of the neighboring communities,” said Ranieri.