The Millburn, NJ-based MRG, a commercial mortgage banker, arranged the financing. According to Koch, who structured and placed the financing, the 10-year loan was placed with a securitized lender. No further details of the financing were released.
Situated directly off Route 38, the entire property is occupied by Macy's, which has signed a 20-year lease. Macy's East Inc., of course, is a wholly owned subsidiary of Federated Department Stores, whose other chains include Bloomingdale's, Bon Marche, Burdines, Goldsmith's, Lazarus, Rich's and Bloomingdale's, among others. Macy's is utilizing the facility for the sale of home furnishings.
The building is located within 10 miles of four of the largest shopping centers in New Jersey, according to Koch, and sits amid a concentration of commercial and residential properties.
Robert M. Goldman & Co. is a privately held mortgage banker based in Great Neck, NY, with a servicing portfolio of more than $675 million. Its Millburn, NJ office was established in 1996 and provides financing services for income-producing properties in the Garden State. The New Jersey office currently represents a dozen commercial lenders and has closed loans ranging from $1 million to $65 million.
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