BOSTON- NorthMarq’s senior vice president and managing director Gregory Nalbandian arranged $77.5 million first mortgage to facilitate the refinance of two single-tenant medical office buildings leased to Tufts University Medical Center in downtown Boston. The buildings cover 252,087 square feet of space.
Additionally, financing for the medial office properties is based upon a 10-year term and a 25-year amortization schedule, according to the company.
In a statement, Nalbandian said, “NorthMarq was able to structure a 15-month forward commitment with a major life insurance company who was willing to provide a ten-year loan despite there being only six years remaining on each lease at the time of funding. Understanding the strategic location within the Tufts Medical Campus and Tufts long-term commitment to these buildings, the lender was able to structure a full loan with an opportunity for the borrower to draw down additional funds for various capital projects in the future”
The “major institutional client” was not revealed at press time.
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