Marathon Asset Management recently closed a new commercial real estate property in a $27.5 million senior mortgage secured by a retail center in East Brunswick, NJ.

The retail center in East Brunswick, NJ is currently anchored by a recently built 64,000 square feet Toys “R” Us and Babies “R” Us store and is fully approved for the development of an additional 92,000 square feet.

An initial funding of Marathon’s senior mortgage facilitated a discounted payoff of the existing debt from a third-party lender. The loan also provided funds over time to construct add-on space at the property to fufill certain pre-leasing goals.

"This opportunity is consistent with Marathon’s firm-wide approach to dislocated, special credit situations, where we can utilize our fundamental, credit intensive underwriting skills to close complex transactions in a timely manner," said Bruce Richards, Marathon’s co-founder and CEO. “The commercial real estate investments that we have completed in 2010 as a part of our real estate lending and distressed debt program highlight our capabilities in addressing the significant stress in the commercial real estate sector in the U.S., particularly for middle-market, transitional properties.”

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