$35 Million in Commercial Refinancing Arranged for Medical Office Facility in Clifton, NJ
Brad Domenico of Progress Capital secured a $35,250,000 commercial refinancing loan for ERCT Capital Group to refinance a 203,000 SF, Class-A medical office facility located at 1255 Broad Street, Clifton, NJ.
Brad worked with Jared Zimmel of Natixis Real Estate Capital, who provided a full term, interest-only commercial loan on a non-recourse basis.
In 2018, the sponsor purchased the property which contained large vacant space at the time of purchase. However, through his established relationships, he was able to bring in Summit Medical Group to sign a long-term lease and occupy all of the vacant space at the property. Which in turn, provided significant asset to the property.
The borrower will use the commercial loan proceeds to refinance the current debt on the property and recapture value-add costs incurred such as lease commissions and tenant fit-out for Summit Medical Group. The balance of recaptured equity will be utilized to further improve the property, as well as fuel the expansion of the borrower’s real estate portfolio.
The property is comprised of a two-story medical/office building occupied by a diverse mix of medical and office tenants including Summit Medical Group, AECOM and SSB Realty. On-site amenities include a fitness center, a full-service cafeteria and common conference room. Additionally, the tenants have access to an executive garage with 17 parking spaces and a surface level parking lot with 172 spaces.
The site is situated in the heart of one of Clifton’s most desirable areas and in close proximity to numerous commuting outlets such as Route 3, Garden State Parkway, and NJ Turnpike. The property is also surrounded by restaurants, shops, department stores, banking institutions, residential housing, and more. Furthermore, this prime Passaic County location provides the respective Clifton community with the opportunity to receive quality medical care close to home from physicians and other medical service providers that are affiliated with the most prestigious medical facilities in the region.
Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial lending firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process. We consistently get our clients to the closing table… plain and simple!