NorthMarq Capital’s Greg Nalbandian, a senior vice president/managing director for the company’s New Jersey regional office, closed a $19.4 million bridge loan for 45 Eisenhower Drive, a Class A, 175,575-square-foot office building in Paramus.
According to the announcement, Nalbandian worked exclusively for Bergman Realty Group, he structured the transaction with a 3-year interest only loan.
Hudson City Savings Bank is a major tenant at the property, taking up 38,301-square-feet of space, of 21.8 percent of the building, according to the announcement.
“NorthMarq’s life company correspondent had already granted one, 4-year extension to their prior loan and wanted to be refinanced out,” said Nalbandian. “Given the outstanding mortgage balance and current 75 percent occupancy, the asset did not qualify for a traditional permanent mortgage. NorthMarq successfully identified a non-recourse debt fund who was willing to lend at 80 percent LTV on an as is basis with a good news facility to be earned out for tenant improvements and leasing commissions.”
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