"The borrower received very aggressive terms," says James Gunning, senior director of CBRE|Melody of Saddle Brook, NJ, who co-brokered the deal with the firm's vice president, Donna Falzarano. "Those terms included a low spread over treasuries and a two-year interest-only component."
The financing package includes a 10-year term with a 30-year amortization at a 5.48% interest rate, according to Gunning. The funding was provided by a Wall Street conduit.
Bayview Shopping Center's grocery anchor is an A&P supermarket. Other tenants in the building include Rag Shop, Subway, EB Games and Rockaway Bedding, among others.
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