The financing was arranged by James Gunning and Donna Falzarano of CB Richard Ellis Debt & Equity Finance, Saddle Brook, NJ. Northwestern Mutual Life provided the funding.
[IMGCAP(2)]"Morris was extremely satisfied with the terms provided by Northwestern Mutual Life," Gunning says. "The lender provided certainty of execution and very favorable financing in light of terrible market conditions."
The funding completes Morris' acquisition, which involved a multi-tenant portion of the three-building complex. The bulk of Heritage Square consists of a 120,000-sf Target store, owned by that company, which shadow anchors the property. The center's in-line tenants include Best Buy, 30,000 sf, Staples, 20,400 sf, PetSmart, 15,000 sf, Chase Bank, Dunkin Donuts, Subway and Supercuts.
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