Newark, NJ – Brad Domenico, Partner at Progress Capital arranged a $34,000,000 CMBS loan on behalf of his clients, Joy Construction and MADDD Equities for a 7-story office building located at 765 Broad Street in Downtown Newark.
The borrowers along with investors, Drew Katz and Newmark Knight Frank’s Justin DiMare purchased the property back in 2016 for $10.5 Million and now plan to recapitalize the deal. The 200,000 SF building was originally built in 1957 as part of the Prudential Insurance Corporate Site and recently became the new headquarters for the Newark Public Schools.
Domenico secured a 5-year deal and full-term IO. Financing was provided by Jared Zimmel of Natixis Bank.
Located in the heart of Newark’s Central Business District, 765 Broad Street offers an advantageous business location with convenient access to Newark’s transportation system. New Jersey transit, Amtrak and the PATH are all within walking distance, providing a fast and easy commute.
Newark is New Jersey’s largest city that has recently seen a revitalization. From the renovation of historic architecture to the re-positioning of industrial factories into Class A offices and luxury residences, Newark seems to finally be moving beyond the Ironbound section.
Progress Capital is a leading Commercial Mortgage Banking firm specializing in arranging debt for commercial real estate owners and residential developers. Since 1990, Progress has successfully closed in excess of $40 Billion in commercial loans and directly funded over $150 Million.
We get you to the closing table…Plain and Simple…#thatsPROGRESS