NEWARK, NJ — Brad Domenico, partner at Progress Capital arranged a $34 million CMBS loan on behalf of his clients, Joy Construction and MADDD Equities for a seven-story office building located at 765 Broad St. 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 s/f 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.