Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $13,300,000 acquisition loan for Vernon Valley Plaza, a grocery-anchored shopping center located at 530 County Road 515 in Vernon Township, New Jersey.
The loan was secured by Joseph Belgiovine, First Vice President, Capital Markets based out of MMCC’s New Jersey office.
“Lenders recognize the intrinsic value of a grocery-anchored shopping center,” said Mr. Belgiovine. “Despite current market volatility, we secured various financing options for our client to consider and he ultimately selected an aggressive option which yielded a greater than expected rate of return.”
The 93,029-square-foot shopping center is anchored by major retailers including ACME Markets and Starbucks and is located at the highly trafficked Vernon Road.
The five-year loan features a fixed interest rate of 5.30%, 30-year amortization and 70% LTV.
