The financing, based on a 20-year term with a 20-year amortization schedule, was provided by Sun Life Assurance Co. of Canada. NorthMarq arranged the deal for the borrower through its correspondent relationship with Sun Life.
"The borrower was seeking financing to recoup their investment and opportunity costs in a center they had recently purchased and stabilized," according to Klebanoff. "The lender saw the strength of the location."
The retail property is home to Asian Market, Lady of America and PNC Bank. Anchor Asian Market is a noncredit regional niche grocer with no other locations in New Jersey, according to Klebanoff.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.