Both loans are non-course, 10-year fixed-rate financings with prepayment flexibility through Oritani Savings Bank. A $4.7-million loan was arranged on behalf of Twin Oaks Associates for the Morris Hills property, and a $1.7-million loan was obtained for Ridge Road Associates for the Morristown facility.
Morris Hills in Morristown is a 100,000-sf facility on 2.7 acres at 77 Madison Ave., with 304 beds, currently operating at 90% occupancy. Waterview Center totals 65,000 sf on 3.4 acres at 536 Ridge Rd., its 190 beds also operating at 90% occupancy.
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