Westwood industrial owner refis for $5.8 million, Polaris says

Jul 5, 2022 | Finance & Capital Markets, Industrial

55 Bergenline Ave. in Westwood — Courtesy: Polaris Funding

By Joshua Burd

The owner of a 46,000-square-foot industrial building in Bergen County has refinanced the property for $5.8 million, under a deal arranged by Polaris Funding.

According to the commercial mortgage broker, which sourced the loan on behalf of Gold Tree Management, the transaction comes with a 4.4 percent interest rate and a 30-year amortization. Esquire Bank is providing the debt for the property at 55 Bergenline Ave. in Westwood, which has a 70 percent loan-to-value ratio.

Abe Berger, a broker with Lakewood-based Polaris, completed the assignment.

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Joshua Burd

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for 13 years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.