The Denville financing was based on a 10-year term with a 20-year amortization and was arranged for the borrower, WP Realty, through NorthMarq's correspondent relationship with Sun Life Assurance Co. of Canada, according to Klebanoff.
"This is the third transaction the borrower has completed with NorthMarq and Sun Life," according to Klebanoff. "Our senior investment analyst, Michael Lachs, was instrumental in the origination, closing and underwriting process due to a long-term relationship with the client."
Lachs and Sun Life were also involved in the second transaction, a $4.3 million first mortgage for 142 and 200 Entin Rd. in Clifton, NJ. The two-building, 134,000-sf property is largely occupied by Sandy Alexander Printing. The Clifton financing was based on a 15-year term with a 15-year amortization. The borrower was Cliff Wish LLC.
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