In addition to the construction financing, the Englewood Cliffs, NJ-based Palisades Financial procured $900,000 from UnitedTrust Bank, giving 452 Old Hook Road Associates the option to buy the fee interest in the land in two years. "We obtained favorable loan terms for the developer, while providing the funding source with an excellent new project," according to Mark W. Zurlini, president and COO of Palisades Financial.
The property, which is located near Pascack Valley Hospital, will feature an on-site surgical suite and office suites when it's completed in the fall. Old Hook Medical Associates, a multi-specialty medical practice that includes several physicians who are principals in 452 Old Hook Road Associates, will occupy 75% of the new facility. The firm will move to the new building from its current location in Westwood, NJ.
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