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SOUTH BRUNSWICK, NJ-L.J. Melody & Co.’s Paramus, NJ office has arranged permanent fixed-rate financing totaling $18.5 million for Wakefern, which occupies most of a 734,000-sf industrial building here. The Elizabeth, NJ-based Wakefern is the food distribution and marketing cooperative that supports the ShopRite supermarket chain.

The office/warehouse building, built in 1991, was developed by the Morris Cos. and is leased to Wakefern and Inter-Cosmetic for $5.25 per sf. The borrower and tenant took advantage of low interest rates by blending their previous rate for the remaining term with new money for an additional seven-year period.

Northwestern Mutual provided the funding on behalf of the Morris Cos. James Gunning of L.J. Melody’s New Jersey office, located in Paramus, secured the funding for the transaction.

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