ISELIN, NJ-BRM Parkway has received permanent financing totaling $18.25 million for its Parkway Center at One Ronson Rd. here. The property is a 122,643-sf retail center built in 1995 and fully occupied by three tenants, Marshall's, Bed Bath & Beyond and DSW Shoe Warehouse. Located on Route 1 South, Parkway Center has proximity to Woodbridge Center and Menlo Park Mall, two of the state's largest regional malls.
The financing was arranged by Greg James, a vice president in the New Jersey office of L.J. Melody & Co., the real estate banking arm of CB Richard Ellis. A New York City-based conduit lender, that was not identified, provided the funding for BRM, a partnership.
"The favorable financing environment prompted the borrower to refinance an existing loan with a high coupon rate," according to James. "The borrower was able to lock in an attractive 15-year financing and reduce the interest rate by 365 basis points."
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