REBusinessOnline

NorthMarq Arranges $49.4M Loan for Retail Portfolio in New Jersey

60-Route-17-N-Paramus-NJ

Part of a four-property portfolio, the 75,000-square-foot power center at 50 Route 17 North in Paramus, N.J., is occupied by DSW and PetSmart.

PARAMUS, N.J. — NorthMarq Capital has arranged $49.4 million of floating-rate financing for a 244,000-square-foot, four-property retail portfolio on Route 17 in Paramus. The borrower, Advanced Realty, will use the loan proceeds for acquisition of the assets and a funding facility for re-tenanting and redevelopment costs. Three of the buildings are located at 289-317 Route 17 South. The properties are occupied by PGA Tour Superstore and P.C. Richard & Son. Located at 60 Route 17 North, the fourth property is a 75,000-square-foot power center occupied by DSW Designer Shoe Warehouse and PetSmart. Gregory Nalbandian of NorthMarq secured the loan through Natixis Real Estate Capital for the borrower.

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