In Secaucus, a 179,625-square-foot warehouse served as thecollateral for a $7-million loan, which was underwritten at 6.375%rate. It also has a term of 10 years with a rate reset after fiveyears and a 25-year amortization. A local bank provided the funds.Alocal bank also gave a $3-million loan to a 26,568-square-footretail property in Wayne. The interest rate on that refi is 6.45%;the term is for five years and the amortization runs for 25years.

The New Jersey transactions were closed by company presidentGretchen S. Wilcox and principal Albert Raymond. "There are dealsthat can get done in this market," Raymond tells GlobeSt.com. "Itcomes down to lenders picking and choosing. If they feel it's theright deal, they'll get aggressive." The three deals closed between45 and 60 days.

Raymond declined to name the borrowers, specify the addresses ofthe buildings or characterize the funding the new deals replaced.He says the refinancings are representative of what is typicallybeing done in the marketplace today and the interest rates "werereflective of the loan-to-values" on the properties. A sourceunrelated with the deal says that properties are located here inSeacaucus.