(For more retail coverage, click GlobeSt.com/RETAIL.)

PHILADELPHIA-Imperial/Aramingo LLP, the owner of Imperial Plaza Shopping Center, has obtained first-mortgage financing of $11 million on the 125,648-sf shopping center at 3400 Aramingo Ave. Imperial/Aramingo is an entity of Closter, NJ-based Lerner Heidenberg Associates, which acquired the property in 1999.

NorthMarq Capital Inc. arranged the funding from Lincoln National Life. NorthMarq, which is based in Minneapolis, has a regional office here, and Lincoln is also based here. However, Ernest DesRochers, SVP and managing director of NorthMarq’s Greater Westchester NY/CT office in Purchase, NY, and Charles Cotsalas, VP in the company’s Long Island, NY regional office, arranged the loan working with the Fort Wayne, IN office of Lincoln. The new mortgage is based on a 10-year term and 30-year amortization.

Imperial/Aramingo has obtained previous funding from Lincoln. It is using the proceeds to retire an existing high-rate loan and replace it with “a very competitively priced life insurance company loan,” DesRochers says, without disclosing the rate. “We did a forward rate-lock that fixed the rate in October 2005,” he tells GlobeSt.com, “because we wanted to take advantage of the low interest rate, yet get the funding closer to maturity of the existing loan. This feature allowed the borrower to save several hundred thousand dollars on the defeasance charge due under the existing mortgage.”

DesRochers says the owners have substantially improved the property since buying it. The center was built in the late 1980s and is now 98% leased. Among the tenants are Bally Total Health, Fashion Bug, International House of Pancakes, Wachovia and H&R Block.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

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 © 2024 ALM Global, LLC. All Rights Reserved.