1255 Broad St. in Clifton — Courtesy: Progress Capital
By Joshua Burd
The owner of a 203,000-square-foot office building in Clifton is refinancing for more than $35 million, following efforts to lease up the property after acquiring it in 2018.
Progress Capital, which represented ERCT Capital Group in securing the debt, said its client will use the proceeds to retire an existing loan and recapture value-add costs at 1255 Broad St. Natixis Real Estate Capital is providing the $35.25 million loan, which will also allow the borrower to further improve the property and expand its holdings elsewhere.
Progress Capital’s Brad Domenico sourced the full-term, interest-only commercial loan on a nonrecourse basis, working with Jared Zimmel of Natixis. He noted that, after its purchase of the two-story building in 2018, ERCT attracted Summit Medical Group to fill a large vacancy at the property.
Other tenants at the complex include AECOM and SSB Realty, Progress said. On-site amenities include a fitness center, a full-service cafeteria and common conference room, along with an executive garage with 17 parking spaces and a surface lot with 172 spaces.
With its newly obtained loan, ERCT will recapture costs such as lease commissions and tenant fit-out for Summit Medical Group.