RXR, alongside Waterfall Asset Management and New York Life Investment Management, is providing financing for a $103 million recapitalization of Sylvan Corporate Center, a four-building, 276,000-square-foot medical office campus in Englewood Cliffs, New Jersey, owned by the Andalex Group.
The financing will refinance existing debt and support a major expansion for anchor tenant Englewood Health, which has signed a 20-year lease extension and plans to double its footprint to more than 202,000 square feet. The expansion will include a new outpatient imaging and therapeutics center and additional physician office space, reinforcing the growing role of healthcare tenants in driving demand for high-quality office assets.
“Sylvan Corporate Center represents the type of high-quality, relationship-driven credit investment that RXR is well positioned to execute,” said Russ Young, EVP of RXR’s Investment Management Group.
