MONROE TWP., NJ-Developer/owner Concordia Holdings LLC has obtained a $14.7 million first mortgage for its Concordia Shopping Center here. The 135,525-sf strip shopping center is anchored by a Stop & Shop supermarket and Eckerd Drug.
The transaction was arranged by Ernest DesRochers, senior vice president and managing director, and Charles Cotsalas, vice president in the Greater Westchester NY/CT office of NorthMarq Capital Inc., Purchase, NY. The financing was based on a 10-year term with a 30-year amortization schedule, and was arranged for the borrower through NorthMarq's correspondent relationship with Archon Financial.
"The property is in the midst of a major expansion," according to DesRochers. "Archon Financial was able to structure the transaction to accommodate the borrower's immediate and longer term financing needs."
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