765 Broad St. in Newark — Courtesy: Progress Capital
By Joshua Burd
The owners of a 200,000-square-foot office building in downtown Newark have secured $34 million in financing, under a newly announced transaction by Progress Capital.
The commercial mortgage banking firm said it represented Joy Construction and MADDD Equities in arranging the loan for 765 Broad St., a seven-story office building in the central business district. The borrowers, along with investors Drew Katz and Justin DiMare of Newmark Knight Frank, now plan to recapitalize the property after purchasing it in 2016 for $10.5 million.
Progress Capital Partner Brad Domenico secured the five-year financing, which was provided by Jared Zimmel of Natixis Bank.
In a news release, Progress said 765 Broad was built in 1957 as part of the Prudential Insurance corporate site and recently became the new headquarters for the Newark Public Schools.
