New Jersey Realty Transfer Fee and Mansion Tax on Deeds in Lieu

If a lender holds a mortgage encumbering multiple properties and wants to take title to the properties by separate deeds in lieu, how are the New Jersey Realty Transfer Fee (the “Transfer Tax”) and the buyers tax due under Chapter 33, Laws of 2006 of the State of New Jersey (the “Mansion Tax”) handled?  If the lender discharges the mortgage and there is no other consideration for the transfers, there will be no Transfer Tax…