Murphy of NorthMarq arranges $27.7 million first mortgage in New Jersey

James Murphy, managing director of NorthMarq's Boston regional office, arranged first mortgage refinancing of $27.7 million for an industrial portfolio. The properties are located at 1, 2, 3, 5, 6 & 7 Pearl Court and 59 Rte. 17 and contain a combined total of 368,556 s/f of flex/warehouse space. Financing was based on a five-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower, High Street Equity, through its relationship with a correspondent life company lender. "This transaction was a full-leveraged financing with a flexible prepayment structure and allowable partial releases," Murphy said. "We were pleased to continue our relationship with both the lender and borrower in the funding of this loan."