$19 Million Refinance Arranged for Clifton, NJ Medical Office Property
Brad Domenico negotiated $19,000,000 to refinance a medical office consisting of 3 Class A office buildings located at 2,4 & 6 Brighton Road in Clifton, NJ.
The recently renovated office complex is known as The Allwood Atrium Medical & Professional Office Park and is made up of three buildings totaling 158,340 SF. The first two buildings located at 2 and 4 Brighton Road are situated on a 1.18 SF lot at the corner of Bloomfield Avenue and Brighton Road. Both structures are Class A atrium office buildings standing 4-stories high totaling 103,340 SF of rentable space.
The third building is located at 6 Brighton Road and is situated in the rear of the 2 and 4 Brighton Road buildings. This 3-story building measures 55,000 SF and consists of 9 fully-occupied units.
The exterior façade exhibits an office park setting complete with outdoor seating areas, covered walkways and a ground level executive parking facility located below the building. The building interiors include built-to-suit suites with individual tenant-controlled heating and cooling HVAC, an on-site café, elevator and 24/7/365 access with secure monitoring. The property boasts a high-style look complete with custom bronzed glass windows, marble columns, circular stairwells with rooftop skylights and landscaped plazas containing reflecting pools and fountains. Furthermore, the property contains efficient state of the art climate control systems with automated energy management controls.
The prime Passaic County location of the property provides the respective Clifton community with the opportunity to receive quality medical care from nearby physicians and other medical service providers that are affiliated with the most prestigious medical facilities in the region. Additionally, the property is close to shopping destinations, restaurants, banking institutions, the hospital and is just minutes away from Route 3, the Garden State Parkway, NJ Turnpike, the Lincoln Tunnel/Manhattan, Newark Liberty Airport and the George Washington Bridge.
Brad worked with a NJ based Savings Bank to negotiate the following key terms:
- 4.25% Fixed for 7 Years
- 30 Year Amortization
- 4-3-2-1 prepay
- Limited Recourse
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress