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NorthMarq Sets Financing for Old Tappan Retail Center

OLD TAPPAN, NJ—NorthMarq Capital's New Jersey based regional office secured $12 million in permanent financing for the Bi-State Plaza Shopping Center, an 88,000 square-foot grocery-anchored shopping center in the affluent community of Old Tappan, NJ.

By Steve Lubetkin | stevelubetkin | | Updated on January 26, 2016
Bi-State Plaza Shopping Center, Old Tappan, NJ Bi-State Plaza Shopping Center, Old Tappan, NJ
OLD TAPPAN, NJ— NorthMarq Capital’s New Jersey based regional office secured $12 million in permanent financing for the Bi-State Plaza Shopping Center , an 88,000 square-foot grocery-anchored shopping center in the  affluent community of Old Tappan, NJ. Working exclusively for A&R Associates , NorthMarq placed the 10-year fixed rate refinancing with Bayonne Community Bank . “While the center has been predominately 100-percent leased since it was originally constructed several decades ago, the 32,000 square-foot grocery pad was going through a transition from a bankrupt A&P to a Super Foodtown ,” says Gregory Nalbandian , managing director of NorthMarq . “ Foodtown saw a very compelling opportunity to purchase the below-market A&P lease and enter a very attractive and high barrier to entry market with no other grocer within a three-mile radius. Once Foodtown opened with no disruption in service after A&P vacated, ownership elected to prepay the loan early and take advantage of very attractive long-term interest rates.” Bi-State Plaza includes a mix of national and local tenants such as CVS, JP Morgan Chase, Starbucks and, most recently Mooyah (a San Antonio-based hamburger franchise). “The combination of the excellent tenant diversity, outstanding demographics, and lower loan-to-value with predictable and durable cash flow provided for substantial competition for this financing assignment,” says Nalbandian . “ Bayonne Bank ultimately provided a very aggressive, ten-year fixed-rate loan on a non-recourse basis that met all the objectives of the borrower.”

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