$9 Million Acquisition for Newark Office Building
Brad Domenico, Partner of Progress Capital negotiated a $9,000,000 acquisition loan to be secured by the 14-story, 100,000 SF office building located in the heart of the downtown business district of Newark, NJ at 17 Academy Street. The property is one of Newark’s premier office buildings situated between the world headquarters of the Prudential Insurance company of America and their newest 700,000 SF office complex two blocks away. The loan amount represents a 75% loan to value ratio.
Exciting things are happening in Newark and this property is perfectly positioned to take advantage of the increased activity in New Jersey’s largest city. The office building consists of (68) units which are great multi-windowed suites from 250 to 8,000 SF, a “care-full” on premises owner/management team and very attractive all-inclusive rentals that give more space on the rental dollar.
Brad worked with Signature Bank to provide the following key terms:
- 5% Fixed for 5 Years
- 30 Year Amortization
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress