Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CARLSTADT, NJ-DDG Realty has received a total of $3,885,000 in two tax-exempt bond financings, which will be used to buy and renovate the 66,373-sf facility it has leased here for its operating company, Design Display Group Inc., for the last 10 years. The funding will also be used to buy new equipment for the company, which designs and makes point-of-purchase displays for companies like Nike, Sony, Pepsi-Cola, AT&T, Toys ‘R’ Us, Chanel and Estee Lauder.

“We looked into relocating, but couldn’t find another larger facility to meet our needs in this area,” says DDG president Andrew Freedman. “So we decided to buy the facility and lease additional warehouse space next door. The space in the building we bought is now rededicated to manufacturing, and the adjacent warehouse will be used for storage.”

The initial variable interest rate on the 10-year bonds is 2.17%, according to Freedman. The financing was obtained from the New Jersey Economic Development Authority, and Fleet Bank purchased the bonds. EDA is authorized to issue tax-exempt bonds under the federal Internal Revenue Code, and bond purchasers don’t have to pay federal or state income taxes on the interest earned. The difference is passed on to the borrower in the form of lower interest rates.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.