Progress Capital Arranges $5.5 Million In Acquisition Financing For Office Building In Montclair
Brad Domenico and Frank Stanislaski of Progress Capital secured a $5,500,000 acquisition loan for Centerview Partners to purchase an office building located at 66 Park Street, Montclair, NJ.
Valley National Bank provided the financing accompanied by favorable terms including 3.125% fixed for 5-years with a 30- year amortization.
The property is a two-story office building which boasts six units totaling 16,160 square feet of leasable area. The building is 100% occupied with tenants secured by leases ending as far out as 2028. The site is anchored by GLG, renowned tax attorneys and RJ Barnabas, a well-known, independent healthcare provider. The property also contains 55 parking spaces, which is a parking ratio of 3.40 spaces for every 1,000 square feet.
The location is just two blocks from Bloomfield Ave, the main retail corridor through downtown Montclair, making this an ideal location for tenants. The property is also in close proximity to the Walnut Street NJ Transit Station, which provides direct access to Manhattan in under 40 minutes. Downtown Montclair serves as a built-in amenity to tenants as it offers restaurants, shops and bars, all of which are within a five-minute walk from the property.
Progress Capital Progress Capital is a commercial mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.