RXR, Waterfall, NYLife Finance $103M Recap of Englewood Cliffs Medical Campus
Sponsor Andalex Group has managed New Jersey's four-building Sylvan Corporate Center since 2004
By Brian Pascus July 14, 2026 9:00 am
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Scott Rechler’s RXR continues to make moves. RXR, Waterfall Asset Management and New York Life Investment Management will finance a $103 million recapitalization of Sylvan Corporate Center, a four-building, 276,000-square-foot medical office campus owned by the Andalex Group in Englewood Cliffs, N.J., Commercial Observer can first report.
The new capital will refinance an existing mortgage and support a major expansion of the center’s existing footprint for anchor tenant Englewood Health, which has signed a 20-year lease extension and plans to double its footprint to 202,000 square feet, according to a release.
The asset, which opened in 1998, is currently 100 percent leased.
“This recapitalization, together with Englewood Health’s long-term expansion, validates the strength of the asset, the quality of the location and the long-term vision we have had for the property,” said Andrew Silverman, principal of Andalex, whose firm acquired Sylvan Corporate Center in 2004 and oversaw the construction of two additional buildings on-site by 2008.
Englewood Health currently operates several buildings at Sylvan Corporate Center: an orthopedics and primary care offices, an Asian health and wellness center, and an ambulatory surgery center.
The firm is expected to develop a 50,000-square-foot outpatient imaging and therapeutics center and a 50,000-square-foot physician office space as part of the new expansion.
“Sylvan Corporate Center represents the type of high-quality, relationship-driven credit investment that RXR is well positioned to execute,” said Russ Young, head of investments at RXR.
Englewood Health’s credit profile is also of note, as the provider is scheduled to merge with RWJ Barnabas Health, in a deal that would create the largest combined health care system in the state of New Jersey.
Alexander Silverman, another principal at Andalex, called Englewood Health “an exceptional institution and an ideal long-term partner,” in a statement.
“Their commitment to more than 200,000 square feet underscores the strength of the location, the quality of the asset, and the growing importance of healthcare as a driver of office demand,” he said.
Brian Pascus can be reached at bpascus@commercialobserver.com.
