By Joshua Burd
The owner of a nearly 25,000-square-foot medical office building in Fair Lawn has closed on a new $3.5 million commercial mortgage with Valley Bank, the lender announced last week.
According to a LinkedIn post by Christopher Coiley, the bank’s regional president for commercial real estate, the deal supports the refinance of the property and expands its deposit relationship with the undisclosed borrower. The updated financing structure reduced debt service, improved cash flow and provided long-term stability, allowing the client to focus on continued portfolio growth while strengthening its ties to the Morristown-based lender.
Valley’s Jamie Payne and Chris Hawkswell spearheaded the origination team, which included Lending Specialist Celmira Nasuto and Underwriter Yon (Paul) Choi.
