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$17M Loan Completes Center's Acquisition

SOUTH BRUNSWICK, NJ-The Morris Cos. completes its 80,800-sf purchase of a portion of the year-old Heritage Square here.

By Eric Peterson | Updated on May 01, 2008

[IMGCAP(1)]SOUTH BRUNSWICK, NJ-When Heritage Square Shopping Center, or at least part of it, was sold earlier this year, the buyer was identified only as, “a Northern New Jersey-based entity. Now that buyer has been identified and details of the sale clarified a bit with the news that the Morris Cos. of Rutherford, NJ has picked up $16.5 million in permanent mortgage financing for an 80,800-sf portion of the overall 200,000-sf complex.

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.”

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