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NorthMarq Secures $22M in Permanent Loans

PARSIPPANY, NJ-The loan arrangements include two multifamily properties and one office building.

By Alyson Grala | Updated on September 11, 2009

PARSIPPANY, NJ-NorthMarq Capital has arranged a $4.4-million permanent loan for 3 Century Dr., a 68,200-square-foot office building here, owned by S/K 3 Century Associates LLC. Mark Scott, senior vice president and managing director of NorthMarq’s New Jersey office secured the financing with a regional bank. The 10-year loan provided a 30-year amortization and was used to retire an existing insurance company permanent loan.

NorthMarq negotiated with the existing lender to discount the prepayment penalty and recast the loan. Scott tells GlobeSt.com, “In order to realize the discounted prepayment, we had to be sure of closing by a date certain with the take-out lender, and the bank really stepped up and delivered for our client.” He goes on to say, “As a result of the financing, the borrower was able to lower his rate and lock in very favorable financing in this current low rate environment. Liquidity is returning to the market.”

NorthMarq Capital also recently arranged a $9.5-million permanent loan for an unnamed 82-unit complex in Monmouth County with a regional bank. The 10-year fixed-rate loan provided a 30-year amortization.

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