JLL Capital Markets has arranged senior financing for MEARJ Properties on the Murray Hill Medical Office Building, a 48,312-square-foot, single-story medical office property in New Providence, New Jersey. The loan was provided by an undisclosed life insurance company. Financial terms were not disclosed.
The 95%-leased asset is anchored by Atlantic Health Group and New Providence Dentistry, along with additional wellness and specialty healthcare providers. Many tenants have occupied the building for more than 10 years and have made significant investments in their spaces. The property features an interior atrium, outdoor courtyard and parking for more than 200 vehicles on a 4.05-acre site.
Strategically located at 571 Central Ave and proximate to Overlook Medical Center, Cooperman Barnabas Medical Center and Morristown Medical Center, the building benefits from strong patient referral flow in a supply-constrained market.
“This financing underscores the strong lender appetite for well-positioned medical office assets.,” noted Ryan Carroll, Director at JLL Capital Markets. “The property’s diversified healthcare tenant base and strategic proximity to major hospital systems in a supply-constrained market made it highly attractive to life insurance company capital seeking stable, healthcare-anchored assets.”
JLL’s Debt Advisory team, led by Director Ryan Carroll and Analyst Matthew McManus, represented the borrower.
