follow us:Google+ FacebookLinkedInTwitterRSS Feeds

advertisement

NorthMarq Capital closes $19.4M bridge loan for office building in Paramus

By

Back to Top Comments Email Print

Latest News

advertisement

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.”

ALSO ON NJBIZ:

Jersey companies honored as best in the nation for diversity

Free market health care: Paying cash for medical services

In speech to business community, Christie says N.J. economy better now than 4 years ago

Share This Story On:
Emily Bader

Emily Bader

Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

advertisement

Comments


Be the first to comment.



Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
     View Comment Policy

Advanced search
Sponsored by
advertisement
  
  
advertisement
  
  
advertisement
Back to Top