NEW JERSEY—Gregory Nalbandian, senior vice president and managing director of NorthMarq’s New Jerseyoffice, worked on behalf of an institutional client specializing in medical office buildings in arranging a $77.5 million first mortgage to facilitate the refinance of two single-tenant medical office buildings currently leased to Tufts University Medical Center in Boston.
Financing for these 252,087-sq.-ft. buildings was based on a 10-year term and a 25-year amortization schedule.
“While the client had to assume an existingloan until the defeasance burned off, the sponsor required a take-out lender be lined up to facilitate the refinance prior to closing this major acquisition,” said Nalbandian. “NorthMarq was able to structure a 15-month forward commitment with a major life insurance company who was willing to provide a 10-year loan despite there being only six years remaining on each lease at the time of funding. ”