Progress Capital arranges $35M+ refinancing for Clifton medical office property

Progress Capital has arranged a $35 million-plus refinancing for a medical office facility in Clifton, it announced Thursday.

The Tinton Falls-based real estate advisory firm said in a news release that its Brad Domenico secured the $35.25 million loan for ERCT Capital Group to refinance the 203,000-square-foot Class A building at 1255 Broad St.

Domenico worked with Jared Zimmel of Natixis Real Estate Capital, who provided a full-term, interest-only commercial loan.

The property is a two-story building occupied by a mix of tenants including Summit Health, AECOM and others. The borrower will use the loan proceeds to refinance current debt and recapture value-add costs, including a tenant fit-out for Summit, as well as further improvements and more.