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NORWOOD, NJ-A first mortgage of $1.5 million has been arranged by Jack Houlihan and Jeremiah A. Houlihan of Houlihan-Parnes/iCap Realty Advisors of White Plains, NY for a 53,000-sf industrial building located at 49 Walnut St. in this Bergen County community. The borrower is the New Jersey-based industrial development firm that built the asset in 1980.

The interest rate was fixed at 5.58% for 15 years, according to Houlihan, and at the borrower’s request the loan is fully amortizing. The non-recourse loan is fully assumable with a 1% transfer fee upon sale.

The source of the funding is a “large institutional lender,” according to Houlihan. The lender, who was not otherwise identified, charged a flat $10,000 for all fees, including appraisal, environmental and engineering reports, legal, credit reports, due diligence and other ancillary closing costs.

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