NorthMarq Capital arranges $19.4 million bridge loan for 45 Eisenhower Drive in Paramus, New Jersey

PARSIPPANY, N.J. (April 9, 2014) – Greg Nalbandian, senior vice president/managing director of NorthMarq Capital’s New Jersey regional office closed a $19.4 million short-term non-recourse bridge loan for 45 Eisenhower Drive, a Class-A, 175,575 sq.ft. office building located in Paramus, New Jersey. Working exclusively for Bergman Realty Group, Nalbandian structured the transaction with a 3-year interest only loan with a national debt fund. The structure provided sponsorship with a very aggressive 5 % interest only rate, flexible prepayment and no requirement to contribute fresh equity as part of the refinance. Hudson City Savings Bank is a major tenant at the property, consisting of 38,301 sq.ft. or 21.8 percent of the building. “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 percent occupancy, the asset did not qualify for a traditional permanent mortgage. NorthMarq successfully identified a non-recourse debt fund who was willing to lend at 80% LTV on an As Is basis with a good news facility to be earned out for tenant improvements and leasing commissions.”