Northmarq Capital closes $16.5 million refinance of New Jersey Health Care Center in Oradell, New Jersey

New Jersey Health Care Center
NEW JERSEY (February 9, 2015) – Gregory Nalbandian, managing director of NorthMarq Capital’s New Jersey office, arranged a $16.5 million refinancing for the New Jersey Health Care Center, a 75,000 sq.ft. medical office building located at 680 Kinderkamack Road in Oradell, New Jersey, less than 2.5 miles away from the Hackensack University Medical Center at Pascack Valley. The transaction was structured with a 10-year term and 30-year amortization at a very aggressive interest rate and represents a full cash-out refinance less than a year after acquiring the property. NorthMarq arranged the financing through its correspondent relationship with Sentinel Investments. “Our client, a very successful physician who has acquired a substantial medical office portfolio over the past several years, purchased this asset from a local bank who had foreclosed on the property after the occupancy plummeted to 54 percent,” said Nalbandian. “Through hands on management and their extensive reach within the medical community, the sponsor created significant leasing momentum at the property. Within the first six months of ownership, the property was stabilized at over 90 percent occupancy. Sentinel understood the story and that this building is the top medical building in this sub-market, boasting an on-site surgery center. Consequently, Sentinel provided a full 75 percent LTV, which represented a loan well above $200/sf, enabling our client to cash out his equity through this substantial value creation.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit

NM Web Icon News Black

Stay on top of industry research