RXR, Waterfall Asset Management and New York Life Investment Management announced their funding of a $103 million financing to recapitalize Sylvan Corporate Center, a 276,000-square-foot class A medical office and general office campus located in Englewood Cliffs, N.J., owned by the Andalex Group. The transaction provides capital to refinance the property’s existing mortgage and to fund costs associated with the long-term expansion and extension of Englewood Health, the campus’ anchor tenant.
Sylvan Corporate Center is a four-building campus situated along Route 9W, known as the Trillion Dollar Mile, a corridor recognized for its concentration of major corporate headquarters and proximity to Manhattan.
In connection with the recapitalization, Englewood Health executed a 20-year lease expansion and extension that will double its footprint at the property to approximately 202,000 square feet. Englewood Health operates orthopedics and primary care offices, an Asian He
