HFF arranges $6.3 million refinancing for two New Jersey nursing homes

The New Jersey office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged refinancing totaling $6.3 million for Morris Hills 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.

HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.