The office/warehouse building, built in 1991, was developed by the Morris Cos. and is leased to Wakefern and Inter-Cosmetic for $5.25 per sf. The borrower and tenant took advantage of low interest rates by blending their previous rate for the remaining term with new money for an additional seven-year period.
Northwestern Mutual provided the funding on behalf of the Morris Cos. James Gunning of L.J. Melody's New Jersey office, located in Paramus, secured the funding for the transaction.
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