Murphy of NorthMarq arranges $7.45 million refinance for New Jersey industrial portfolio

James Murphy, managing director of NorthMarq's Boston regional office, arranged first mortgage refinancing of $7.45 million for an industrial portfolio. The properties are located at 400 & 500 Apgar Dr. and contain a total of 170,459 s/f of industrial space. Financing was based on a 5-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 financing has a flexible prepayment structure and allowable partial releases," Murphy said. "This is another example of High Street's ownership of quality real estate combined with low leverage being attractive to the lender."