Facebook Twitter LinkedIn Google Plus RSS

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

By ,

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.”


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

More From This Industry

Emily Bader

Emily Bader

Emily Bader is the Web Editor and Social Media Coordinator at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com.

Leave a 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