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.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
