Acquisition Financing Secured for Prominent Office Building in Paramus, NJ
Brad Domenico, Partner at Progress Capital, played a pivotal role in securing $33.6 million in debt financing for the acquisition of a prime 288,000 square-foot office building in Paramus, New Jersey.
The commercial property, located at 61 South Paramus Road, was acquired by First Mile Properties, an affiliate of Crown Acquisitions, represented in the transaction by Cushman & Wakefield’s David Bernhaut, Gary Gabriel, Frank DiTommaso, and Seth Zuidema.
Boasting an impressive 96% occupancy rate and an average tenant tenure of 19 years, the building houses prestigious financial service firms including Morgan Stanley, Mass Mutual, Raymond James, and Liberty Mutual
“It really was a team effort to get a deal like this across the finish line in this market.”- Brad Domenico
Recent renovations totaling over $4.5 million have transformed the property, introducing a five-story atrium lobby, a grand fountain with reflecting pool, a landscaped courtyard with outdoor seating, a striking marble and glass façade, and ample parking.
The strategic positioning of the property near the Garden State Parkway at exit 160 ensures seamless connectivity and accessibility. Situated just minutes away from Paramus Park Mall and the Garden State Plaza, tenants of 61 South Paramus enjoy world-class shopping, dining, and entertainment options.
If you’re a commercial real estate owner or developer, CONTACT US NOW to explore tailored debt and equity financing solutions through Progress Capital’s expert mortgage advisory services.