Wallington Plaza at 375 Paterson Ave. in Wallington — Courtesy: Northmarq
By Joshua Burd
The owner of a grocery-anchored shopping center in Bergen County has refinanced the property for $16.5 million, under a newly announced transaction by Northmarq.
The capital markets firm represented the borrower in sourcing the loan for Wallington Plaza, a 94,297-square-foot property at 375 Paterson Ave. in Wallington. An undisclosed local bank is providing the permanent floating rate financing, which was structured with a seven-year term on a 30-year amortization schedule.
Robert Ranieri a senior vice president with Northmarq and managing director of its White Plains, New York office, completed the assignment.
“We were able to close the loan during the COVID-19 pandemic because the property is anchored by a ShopRite supermarket, which is considered an essential business serving the needs of the neighboring communities,” Ranieri said.