Paramus, NEW JERSEY — Gregory Nalbandian, managing director of NorthMarq Capital’s New Jersey based regional office arranged $49.4 million of floating-rate financing for a 244,000 s/f retail portfolio, comprised of four properties on Rte. 17 in Paramus. Working for Advance Realty, the financing was placed with Natixis Real Estate Capital. Proceeds from the financing provided for both the acquisition of the assets and a future funding facility for re-tenanting and redevelopment costs. Three of the buildings are located at 289-315 Rte. 17 South, touting two standalone buildings currently utilized by a PGA Tour Superstore and a P.C. Richard & Son. The fourth property is located at 60 Rte. 17 North. The asset is a 75,000 s/fpower center shadow-anchored by Westfield Garden State Plaza, the State’s largest regional mall, and features strong national retailers, DSW Designer Shoe Warehouse and PetSmart. A vacant 25,000 s/fend cap, (formerly occupied by Staples) will be re-tenanted, providing for future upside. “The combination of the trophy retail location within the heart of prime Rte. 17, stellar sponsorship with a very successful track record for repositioning properties, and strong in-place cash flow providing a very attractive debt yield going-in combined with a value add opportunity provided for significant competition on this financing assignment,” said Nalbandian. “Natixis’ balance sheet ultimately distinguished themselves with premium pricing on a non-recourse basis for the venture.”
top of page
bottom of page