Natixis Real Estate Capital has funded a $32.25 million loan
to refinance a 203,000 s/f Class-A medical office facility located at 1255
Broad Street, Clifton, NJ.
Brad Domenico of Progress Capital represented the borrower,
ERCT Capital Group, working with Jared Zimmel of Natixis, which provided a full
term, interest-only commercial loan on a non-recourse basis.
ERCT, a Montclair, NJ-based real estate investment firm, was part of an investment group that first acquired the property in 2018 when it had a 77,000 s/f vacancy. In January 2020, it bought out its partner in a $13.5 million deal and subsequently signed a 77,000 s/f lease with Summit Medical Group.
According to Domenico, ERCT will use the loan proceeds to
refinance the current debt on the property and recapture costs incurred in the
Summit lease, including commissions and tenant fit-out fees. The balance will be utilized to further
improve the property, as well as fuel the expansion of the borrower’s real
1255 Broad Street is a two-story medical/office building
occupied by a mix of medical and office tenants including Summit Medical Group,
AECOM and SSB Realty. On-site amenities
include a fitness center, a full-service cafeteria and common conference
room. Additionally, the tenants have
access to an executive garage with 17 parking spaces and a surface level
parking lot with 172 spaces.
The site is situated in the heart of one of Clifton’s most
desirable areas and in close proximity to numerous commuting outlets such as
Route 3, Garden State Parkway, and NJ Turnpike.
This is the second loan Domenico has arranged for ERCT with
Natixis in as many months. In April, he brokered
a $40 million loan for the company’s $52 million acquisition of Broadacres
Office Park, a 398,000 s/f, three-building office complex in Bloomfield, NJ.
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