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$113.5M Financing Arranged for Newark Office Portfolio

$113.5M Financing Arranged for Newark Office Portfolio

Progress Capital and JLL Capital Markets have arranged $113.5 million in financing for the acquisition of the Broad & Halsey Street Portfolio in Newark, New Jersey. The portfolio consists of 707 Broad St. and 153 Halsey St., totaling more than 816,000 square feet of office, and a 901-space parking garage at 261 University Place.

JLL and Progress Capital worked on behalf of the partnership between SHIFT Capital, the Hanini Group and CoInvestment Partners to secure the three-year, floating-rate loan with ACORE Capital, LP, a leading commercial real estate finance company and debt fund manager. Loan proceeds were used to acquire the property and will fund future capital expenditures and leasing costs.

Originally built in the 1920’s, 153 Halsey St. and 707 Broad St. are leased on a long-term basis to The State of New Jersey, which houses more than 3,500 employees across 35 departments on site. The properties are positioned in the heart of the multi-tower Prudential Insurance Campus in Newark’s Central Business District.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Director Matthew Pizzolato alongside Partner Brad Domenico from Progress Capital.

“The sponsor developed a thoughtful business plan designed to create tremendous long-term value for Newark and build on its rich history of innovation and civic engagement,” Pizzolato said. “ACORE Capital recognized the value created by the team and stepped up to offer a high leverage, structured debt solution that will allow the sponsor to execute their business plan.”








About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About SHIFT Capital

SHIFT Capital is a nationally recognized development company focused on creating just and equitable neighborhoods. As a Certified B Corporation®, SHIFT delivers community solutions and programming that maintain and diversify a neighborhood’s character while maximizing long-term affordability and minimizing displacement. SHIFT owns and manages over 1 million square feet of real estate, including commercial, residential, mixed-use, and land to date, SHIFT has invested over $220 million in the neighborhoods we serve to create ecosystems that strengthen entrepreneurship, creativity, and value for tenants and communities. Launching later this year, Shift’s NextGen Impact Platform will focus on partnering and supporting the next generation of impact developers in communities across the country. For more information, please visit

About Hanini Group

Hanini Group is an award-winning real estate firm with more than 10 years of experience developing high caliber loft-style residential, retail, commercial and corporate properties. With more than $300 million of development projects under its belt, the firm is especially known for its successful track record in taking historic properties in Newark, New Jersey and rehabilitating them, top to bottom. Many of these buildings, beautifully restored to their former glory, have quickly become landmarks and popular focal points in the city. The firm has expanded beyond Newark and has taken on large, marquee projects in the greater New York City metropolitan area, such as Northern New Jersey and Brooklyn. For more information, please visit

About CoInvestment Partners

CoInvestment Partners is an investment company deploying a thematic approach aimed at improving the resilience of [sub]communities, both physical and virtual. As part of the firm’s mission, CoIP’s real estate portfolio focuses on deep value add strategies, primarily across underserved communities. The firm executes as an owner-operator implementing an ‘origination-to-exit’ model. CoIP owns interests in approximately $600 million in real estate assets including $150 million in active ground-up developments, spanning across the northeast Amtrak corridor. CoIP carries out its investment mission by focusing across three sectors: Financial Inclusion, Individual Sovereignty and Mental Health. ColP believes these sectors could have the highest impact to improve the resilience of [sub]communities. For more information, please visit

About ACORE Capital

ACORE Capital, LP is a leading commercial real estate finance company and debt fund manager with approximately $17 billion of assets under management. ACORE is focused on originating, acquiring and managing first mortgages, B-notes, mezzanine debt and preferred equity throughout the United States. ACORE, which is an acronym for Alpha Commercial Real Estate, specializes in providing borrowers with customized financing solutions at competitive rates and flexible terms. For more information, please visit

About Progress Capital

Progress Capital is a commercial mortgage advisory firm with over $40 billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, Progress Capital continually prove its value to its clients by securing the best capital options available in the market. For more information, please visit

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