RXR, Waterfall, NYLife Finance $103M Recap of Englewood Cliffs Medical Campus

RXR, Waterfall Asset Management, and New York Life Investment Management financed a $103 million recapitalization of Sylvan Corporate Center, a 276,000-square-foot, four-building medical office campus in Englewood Cliffs, New Jersey, owned by Andalex Group since 2004. The financing will refinance an existing mortgage and support an expansion by anchor tenant Englewood Health, which signed a 20-year lease extension and plans to double its footprint to 202,000 square feet, including a 50,000-square-foot outpatient imaging center and 50,000-square-foot physician office space.