Axiom Capital has arranged $5,880,468 in permanent financing for the refinance of a one-story multi-tenant retail plaza in Totowa, NJ. The non-recourse loan was for 10 years at a fixed rate and demonstrated a sub 80% LTV amortized over 30 years with 3 years of interest only payments.
The subject property is located along the eastbound side of Route 46, approximately half a mile east of the interchange with Interstate 80 and Route 23. Route 46 is heavily traveled with an average daily car count of 125,438 and is lined with a significant number of local, regional and national retailers and businesses through the subject’s immediate area.
Major tenants including Home Depot, PC Richard & Sons, Bed Bath & Beyond, and Marshall’s are located to the north of the property. Street retail and freestanding big box stores, including: Hobby Lobby and TJ Maxx are located to the east and various freestanding retailers in Wayne Towne Center and Willowbrook Mall are located to the west.