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 West Ridgewood Avenue in Paramus, NJ.
The property, known as Bergen Medical Center is comprised of 32 units and contains 76,500 SF of rentable office space. This high-quality medical 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 economic investment operating with a strong 93% occupancy rate consisting of diverse medical and professional tenants – many of which are secured with long term leases. As a further value-add component, the building was specifically designed to provide the option of constructing a 4th floor at a later date. This enables the borrower to potentially improve the property while gaining an entire floor of additional tenants. Thus, creating further opportunity to increase the property’s income cashflow, if desired.
Brad was able to negotiate with Tristate Capital Bank to ensure his client received 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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