Natixis Provides $49.4 Million Floating-Rate Financing On Paramus Retail Portfolio
Natixis Real Estate Capital LLC originated $49.4 million of floating-rate financing on the Paramus Retail Portfolio for Advance Realty and Invesco Real Estate. Proceeds from the financing will fund both the acquisition of and improvements to the properties comprising the 244,000 square foot portfolio. Existing tenants within the portfolio include DSW, PetSmart, P.C. Richard and PGA Tour Superstore.
Route 17 in Paramus, New Jersey is one of the busiest and most desirable retail corridors in the entire U.S., with average daily traffic volume of 150,000 vehicles per day and average household income of $115,000 within a three-mile radius. The Paramus zip code has gained recognition as the highest grossing retail sales zip code in the country, with an estimated $5 billion in retail sales annually.
The financing was arranged by Greg Nalbandian from NorthMarq Capital in Morristown, New Jersey.