$6M Refi Covers Two Nursing Homes

FLORHAM PARK, NJ-The local office of Holliday Fenoglio Fowler has arranged refinancing totaling $6.3 million for Morris Hills and Waterview nursing homes in Morristown and Cedar Grove, NJ respectively. Arranged by HFF director John Taylor, the funding replaces existing loans on the properties. The two facilities have different owners, but are linked by Genesis Health Care, which leases and operates both.

Both loans are non-course, 10-year fixed-rate financings with prepayment flexibility through Oritani Savings Bank. A $4.7-million loan was arranged on behalf of Twin Oaks Associates for the Morris Hills property, and a $1.7-million loan was obtained for Ridge Road Associates for the Morristown facility.