Paramus, NJ – Brad Domenico negotiated $16,400,000 for a valued client to acquire a 3-story Class A Medical Office Building located at 1. W. Ridgewood Ave in Paramus, NJ.
The property, known as Bergen Medical Center is comprised of 32 units with 76,500 SF of total rentable office space. This high-quality medical office building presents an ideal opportunity for the borrower who plans to capitalize on the upside potential offered at the property. The subject is a stabilized investment with high occupancy, currently operating at a strong 93% occupancy rate, consisting of a diverse mix of all medical tenants – many of which are secured on long term leases. As a further value-add component, the building was constructed with the option of adding on a 4th floor, so the borrower will inherit the ability to expand the subject to include another full floor of units in the future creating further opportunity to boost the property’s income cash flow, if desired.
Brad was able to work with TriState Capital Bank to ensure his client got the most favorable terms, which included 80% LTV, 4.08% Interest Rate Fixed at 7 years and 30 Year Amortization.
Progress Capital is a leading Commercial Mortgage Brokerage Firm specializing in arranging debt for commercial real estate owners, operators and developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.
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