PARAMUS, NJ–NorthMarq Capital has closed a $19.4 million short-term bridge loan for the 45 Eisenhower Drive office building on behalf of Bergman Realty Group.
The 175,575-square-foot office building has Hudson City Savings Bank as a major tenant, but it is 25% vacant.
Working exclusively for Bergman, Greg Nalbandian structured the transaction with a 3-year interest-only loan with a national debt fund at 5% interest. The structure provides flexible prepayment and no requirement to contribute fresh equity as part of the refinance
“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% occupancy, the asset did not qualify for a traditional permanent mortgage,” he said.
“We were able to identify a non-recourse debt fund that was willing to lend at 80% loan-to-value on an 'as-is' basis, with a good-news facility to be earned out for tenant improvements and leasing commissions,” Nalbandian said.
NorthMarq has long loan production and loan servicing relationships with more than 50 life companies, many CMBS platforms and hundreds of local, regional and national banks.
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