OLD TAPPAN, NJ-A&R Associates LLC has obtained first mortgage refinancing of $10 million for its BiState Plaza Shopping Center here. The 90,000-sf retail property is anchored by major tenants A&P Supermarket, CVS and Blockbuster.
Gregory Nalbandian, vice president in NorthMarq Capital, Inc.'s Northern New Jersey regional office, Parsippany, arranged the loan for the borrower, a locally based group, based on a 10-year, interest-only term through NorthMarq's long-standing relationship with a major life insurance company. According to Nalbandian, "the borrower required life insurance company execution at sub 100 spread and full 10 years interest-only for this low LTV loan.
BiState Plaza is in Bergen County. "The center's 100% occupancy over the past 10 years is a reflection of the property's appeal and location," Nalbandian says.
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