NorthMarq Arranges $77.5M Mortgage for Tufts Medical Center in Boston

NorthMarq Arranges $77.5M Mortgage for Tufts Medical Center in Boston

NEW JERSEY—Gregory Nalbandian, senior vice president and managing director of NorthMarq’s New Jersey regional office, worked on behalf of an institutional client specializing in medical office buildings in arranging a $77.5 million first mortgage to facilitate the refinance of two single-tenant medical office buildings currently leased to Tufts University Medical Center in Boston.

Financing for these 252,087-sq.-ft. buildings was based on a 10-year term and a 25-year amortization schedule.

“While the client had to assume an existing CMBS loan until the defeasance burned off, the sponsor required a take-out lender be lined up to facilitate the refinance prior to closing this major acquisition,” said Nalbandian. “NorthMarq was able to structure a 15-month forward commitment with a major life insurance company who was willing to provide a 10-year loan despite there being only six years remaining on each lease at the time of funding. ”

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