$10M Mortgage for Shopping Complex

By remstaff & By Globe Street | December 09, 2003 at 01:01 AM

WAYNE, NJ-The funding, arranged by NorthMarq Capital, covers the land underlying Wayne Towne Centre and was structured on the basis of a ground lease.

The funding came from one of NorthMarq's regular lending sources, which was not identified. Further terms of the financing were similarly not disclosed.

"The low loan-to-value ratio and the high quality of the borrower combined to bring this unusual and creative financing together," according to Klebanoff. NorthMarq Capital Inc., based in Minneapolis, has a total of 28 regional offices. Its New Jersey offices are located in Parsippany.

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