NEW JERSEY (July 28, 2016) – Gregory Nalbandian, managing director of NorthMarq Capital’s New Jersey-based regional office, and Robert Delitsky, managing director of NorthMarq Capital’s Manhattan-based office worked in partnership to arrange a $7,200,000 refinancing at 25 Lindsley Drive, Morristown, New Jersey. Malvern Federal Bank, headquartered in Paoli, Pennsylvania, provided the five year fixed rate loan for the suburban, three-story office and medical complex referred to as The Governor Morris Office Center. The current owners, Lindsley Drive Associates, LLC, acquired the 76,308 sq. ft. asset in 2005.
“We are thrilled that Malvern Federal shared the same vision about 25 Lindsley Drive with ownership and provided a superior structure,” Delitsky said. Nalbandian further noted “Malvern Federal was the perfect community bank to refinance this strategic asset given their New Jersey lending headquarters are located here in Morristown and their strong desire to increase exposure in their backyard.”