March 28, 2017
An office building in Cherry Hill, NJ received a $41 million permanent loan from a life company.
Life companies typically lend to strong properties. The 155,000-square-foot property at 1865 Marlton Pike East is fully-leased on a long-term basis to University of Pennsylvania Health System, a state-of-the-art multi-disciplinary facility that serves as a primary care center and clinical offices for numerous medical practices, including cardiology and radiology.
“The opportunity to finance UPenn Cherry Hill was pursued by a wide array of life companies,” said Nick Harris for CBRE, which arranged the financing. “They were attracted to the credit tenancy, lease term, state-of-the-art medical office redevelopment of the property, and the borrower’s long-term track record as a market leader in the medical office building space.”
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