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Newcastle Financial Provides Cash Out Refinance for Office Building in NJ
Date:4/20/2010

Newcastle Financial, a leading nationwide commercial mortgage lender, has completed $2.94MM refinancing of a 14,200 square foot, multi-tenants office building in Hackensack, NJ and provided long term capital to ensure stable and successful borrower's business operation.

Hackensack NJ (PRWEB) April 20, 2010 -- Newcastle Financial, a leading nationwide commercial mortgage lender, has completed refinancing of a 14,200 square foot, multi-tenants office building in Hackensack, NJ and provided long term capital to ensure stable and successful business operation for borrower.

The office building was originally acquired six years ago. The borrower, whose business occupies part of the office building, had faced a major credit squeeze and unable to obtain a renewal of their business credit facility from their existing lender despite their 20 plus years banking relationship with the same institution. This presents some significant challenges for borrower's business operation.

Upon investigation, Newcastle Financial believed Hackensack NJ to be a solidly business area in Northern New Jersey with much upside. “While there are some declining property values in the area, we felt that occupancy for commercial properties in the area is above average and much better than what is being seen throughout the country during this recession” said Victoria Alberto, Managing Director of Newcastle.

Although the borrower had received some offers, other lenders were able to deliver only a loan amount of significantly less than what was required. Newcastle Financial was able to provide credit facility of total loan amount of $2,940,000, which was higher than borrower best estimate, at 70% LTV for '/>"/>

Source: PRWeb
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