Business Park Gets $5M Refinancing

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WEST PATERSON, NJ-Lackawanna Associates, a local group and owner of the 143,398-sf Lackawanna Business Park, has received financing totaling $4.7 million for the property. The refinancing, which replaces existing debt, carries a rate of 5.25% and a seven-year term.

The deal was arranged by Abe Katz and Mary Jane Stofik of the Iselin, NJ office of Meridian Capital Group LLC. The source of the funding was not disclosed.

Located at 86 Lackawanna Ave. here, the park was originally developed as an industrial site, initially housing a steam laundry company and later a rubber manufacturer. Lackawanna Associates bought the property in the 1980s and converted it to a combination of office and light industrial uses. The site’s tenant roster numbering more than 40 includes American Mech Tech Inc., Atlantic Woodworking, Blue Moon Studios, BMB Fasteners, Marvel Screen Packaging, Power Equipment Services and TKM Industries.