189 and 193 Park Ave. in East Rutherford — Courtesy: NorthMarq
By Joshua Burd
The owner of a nearly 4,000-square-foot retail property in East Rutherford has closed on $900,000 in financing, in a newly completed transaction by NorthMarq.
The capital markets firm announced that it sourced the loan for 189 and 193 Park Ave., a freestanding property just west of Route 17. Columbia Bank is providing the permanent fixed-rate financing for the 3,644-square-foot asset, whose major tenant is the U.S. Postal Service.
“The bank was able to provide 75 percent financing on this freestanding post office,” said Robert Ranieri, a senior vice president and managing director of NorthMarq’s White Plains office. “It has been a post office for more than 50 years.
In a news release, NorthMarq noted that the loan has a five-year term with a 25-year amortization schedule.