OLD TAPPAN, NJ—NorthMarq Capital’s New Jersey based regional office secured $12 million in permanent financing for the Bi-State Plaza Shopping Center, an 88,000 square-foot grocery-anchored shopping center in the  affluent community of Old Tappan, NJ. Working exclusively for A&R Associates, NorthMarq placed the 10-year fixed rate refinancing with Bayonne Community Bank

 ”While the center has been predominately 100-percent leased since it was originally constructed several decades ago, the 32,000 square-foot grocery pad was going through a transition from a bankrupt A&P to a Super Foodtown,” says Gregory Nalbandian, managing director of NorthMarq. “Foodtown saw a very compelling opportunity to purchase the below-market A&P lease and enter a very attractive and high barrier to entry market with no other grocer within a three-mile radius. Once Foodtown opened with no disruption in service after A&P vacated, ownership elected to prepay the loan early and take advantage of very attractive long-term interest rates.”

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