PROGRESS CAPITAL | Clifton, NJ – $19,000,000
18835
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Clifton, NJ – $19,000,000

Category
Office
About This Project

$19 Million Refinance Arranged for Clifton, NJ Medical Office Property

 

Clifton, NJBrad Domenico negotiated $19,000,000 to refinance a medical office consisting of 3 Class A office buildings located at 2-4 & 6 Brighton Road in Clifton, NJ.

 

The property located at 2‐4 Brighton Road, is known as the Allwood Atrium and consists of 2 renovated, four-story, Class A atrium office buildings with a total of 103,340 SF of rentable space. The building is situated on a 1.18 SF lot with abundant parking and an office park setting with outdoor seating areas. Executive parking is also protected under the building on the ground level. The interior has been updated to include an on-site café, covered walkways, individual tenant-controlled heating and cooling HVAC, 24/7/365 access and secure monitoring, plus 2 elevators per building. The property features distinctive bronzed insulated glass curtain walls, marble pilasters, circular stairwells with rooftop skylights, landscaped plazas, reflecting pools and fountains. It also has efficient state of the art climate control systems with automated energy management controls.

 

The building located at 6 Brighton Road is situated in the rear of the 2‐4 Brighton buildings. It is a 3‐story, 55,000 SF medical office building with (9) units and is 100% occupied.

 

The prime Passaic County location of the property 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. Additionally, the property is close to shopping destinations, restaurants, banking institutions, the hospital and is just minutes away from Route 3, the Garden State Parkway, NJ Turnpike, the Lincoln Tunnel/Manhattan, Newark Liberty Airport and the George Washington Bridge.

 

Brad worked with Spencer Savings Bank to negotiate the following key terms:

 

  • 4.39% Fixed for 7 Years
  • 30 Year Amortization
  • 75% LTV

 

 

Progress Capital loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $150 Million in bridge and direct lending, we will get you to the closing table … plain and simple  – #thatsPROGRESS