NorthMarq Sets Up $8M Shopping Center Refinance

SHORT HILLS, NJ–The New Jersey office of NorthMarq recently closed an $8 million refinancing for the Millburn Shopping Center.

The 67,000-square-foot mixed-use shopping center has a Cando Fitness, Harmon Discount and Panera Bread as major tenants. 

Working exclusively for the borrower, MSS Millburn Realty Company, Greg Nalbandian structured a 22-year self-liquidating loan at 4%, through NorthMarq's relationship with its correspondent lender, Genworth Financial – a life insurance company.   

“The borrower, a multi-generational family business, was accustomed to doing short term bank financings under a five-year term and a five-year reset and was very unfamiliar with the life company world,” said Nalbandian.

“Understanding the client is a long-term holder of their real estate assets and a conservative borrower in the way of leverage, we advised them that several of our life company correspondents could provide very attractive long-term fixed-rate financing on this irreplaceable asset at very aggressive pricing,” said Nalbandian.

He said the transaction was a win for both borrower and lender because:

• the borrow got the excellent long-term interest rate, while accomplishing a cash-out at 50% LTV, and
• the lender put “a great loan” on its books, for an asset in a AAA location, less than a mile away from one of the country's top retailers, The Mall at Short Hills.

NorthMarq is one of the largest privately held commercial real estate financial intermediaries in the U.S., servicing a loan portfolio of over $41 billion. In addition to its relationships with more than 50 life companies, NorthMarq has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and a Fannie Mae DUS lender.