FLORHAM PARK, NJ – The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged refinancing totaling $6.3 million for Morris Hills (top right photo) and Waterview nursing homes in Morristown and Cedar Grove, New Jersey.HFF director John Taylor worked on behalf of the borrower to secure the two non-recourse, 10-year fixed-rate loans with prepayment flexibility through Oritani Savings Bank. A $4.65 million loan was arranged on behalf of Twin Oaks Associates for Morris Hills and a $1.65 million loan was secured on behalf of Ridge Road Associates for Waterview.
Morris Hills consists of a 100,000-square-foot facility with 304 beds operating at 90% occupancy. The property is situated on a 2.7-acre site at 77 Madison Avenue directly across from Morristown Memorial Hospital. Waterview Center has 65,000 square feet and 190 beds that are operating at 90% occupancy. Located on 3.4 acres at 536 Ridge Road, the property overlooks the Cedar Grove Reservoir. Both properties are leased and operated by Genesis Health Care.
CONTACTS:
Laurie Fish McDowell
HFF Associate Director
One Post Office Square, Suite 3500
Boston, MA 02109
tel 617.338.0990
fax 617.338.2150
http://www.hfflp.com/
lmcdowell@hfflp.com
John Taylor
HFF Director
973 549 2000
jtaylor@hfflp.com
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