Natixis completes $50m New Jersey retail financing

The floating rate, non-recourse loan on the 245,000 sq ft portfolio also funds redevelopment and retenanting costs.

Natixis Real Estate Capital has provided a $49.4 million loan to Advance Realty for the acquisition of a four-building retail portfolio in Paramus, New Jersey.

The floating rate, non-recourse loan on the 245,000 sq ft portfolio also funds redevelopment and retenanting costs.

The portfolio includes three buildings with about 170,000 sq ft of space at 289-315 Rte. 17 South, which include a PGA Tour Superstore and a P.C. Richard & Son; and a fourth 75,000 sq ft property at 60 Rte. 17 North that is reportedly shadow-anchored by Westfield Garden State Plaza shopping mall and includes a DSW Designer Shoe Warehouse and PetSmart.

Natixis has completed several deals in the northeast in recent months. Back in October, it provided another loan in New Jersey: a $36.65m, 10-year, fixed-rate CMBS loan to refinance Mendham Village Shopping Center and Del’s Village Shopping Center in Mendham and Boonton, New Jersey.

Natixis also contributed an undisclosed number of CMBS loans to this month’s Citigroup Commercial Mortgage Trust 2016-P3 Commercial Mortgage Pass-Through Certificates, which has 37 total loans secured by 75 commercial properties with a $771 million balance.

The firm has also been quite active in Europe this month, underwriting a term loan and revolving bridge facility totaling €154 million for CBRE Global Investors’ European Industrial Fund (EIF); and jointly underwriting a €150 million loan on Morgan Stanley’s ‘Great Beauty’ portfolio of three office buildings in Rome.

NorthMarq Capital managing director Gregory Nalbandian arranged the Paramus loan out of the firm’s New Jersey-based regional offices.