Ranieri of NorthMarq Capital finances $16 million

Robert Ranieri, senior vice president/managing director of NorthMarq Capital's Greater Westchester NY/CT based regional office arranged the $16 million refinance of Wallington Plaza, a 92,823 s/f retail property located at 375 Paterson Ave. The transaction was structured with a 7-year term and 30-year amortization schedule. NorthMarq arranged ground-lease financing for the borrower through its relationship with a regional bank. Shoprite Supermarket represents the property's major tenant. "The bank delivered an excellent quote based on a 25-year ground lease to a newly opened Shoprite," said Ranieri.