Progress Capital Arranges $40 Million Acquisition Loan For Broadacres Office Park
Brad Domenico of Progress Capital arranged a $40,000,000 acquisition loan for ERCT Capital Group to purchase a (4) building, 397,940 SF, Class-A office park located at 200, 300, 400 Broadacres Drive & 1455 Broad Street, Bloomfield, NJ in an off-market transaction.
Brad worked with Jared Zimmel of Natixis Real Estate Capital, who provided a full term, interest only loan on a non-recourse basis.
The sponsor was attracted to the location as it sits on the border of Montclair and neighboring Essex Falls. Broadacres Office Park consists of a diverse mix of tenants including financial services companies, healthcare companies, technology companies and many more.
Recent significant capital improvements include new parking lots, improved wayfinding and upgraded energy-efficient LED exterior lighting. The modern, park-like campus setting offers tenants amenities such as a trendy lounge, full-service café and state-of-the-art fitness center in the exclusive Nautilus Lounge, Coral Café, and Surf Fitness.
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, we continually prove our value to our clients by securing the best capital options available in the market.