JLL Capital Markets announced Monday that it has successfully structured senior refinancing for the Murray Hill Medical Office Building, a prominent 48,312-square-foot health care facility in New Providence.
JLL worked on behalf of the property owner and borrower, MEARJ Properties, to secure the competitive placement through a long-standing life insurance company relationship.
The single-story asset, located at 571 Central Ave., stands at 95% occupancy. It features an open interior atrium, an outdoor relaxation courtyard for staff and patients, and an expansive surface parking lot accommodating more than 200 vehicles.
The building acts as a critical regional outpatient hub, anchored by the Atlantic Health Group and New Providence Dentistry alongside a diverse mix of independent wellness and medical specialty providers. Highlighting the durability of the asset, many on-site clinical tenants have maintained their practice at the location for over a decade, making substantial capital improvements to their respective suites.
The 4.05-acre medical campus profits heavily from its geographic positioning within a dense, supply-constrained North New Jersey suburban market.
This close alignment with three of the region’s primary hospital networks ensures a highly predictable, continuous flow of patient referrals for local outpatient services. Furthermore, the asset offers immediate regional connectivity via a network of major area transit arteries, including Interstate 78, Route 22, and New Jersey Route 28.
The debt advisory placement was steered by JLL Director Ryan Carroll and Analyst Matthew McManus. According to Carroll, institutional lenders are increasingly favoring stable, medical-office buildings (MOBs) as a defensive hedge against macroeconomic volatility in traditional office real estate.
“This financing underscores the strong lender appetite for well-positioned medical office assets,” Carroll noted in a statement. “The property’s diversified healthcare tenant base and strategic proximity to major hospital systems in a supply-constrained market made it highly attractive to life insurance company capital seeking stable, healthcare-anchored assets.”
