Progress Capital arranges $40M acquisition loan for Broadacres Office Park April 23, 2021
11:02 am
Progress Capital said on April 23 that it arranged a $40 million acquisition loan for ERCT Capital Group to purchase a four-building, 397,940-square-foot, Class-A office park located at 200, 300 and 400 Broadacres Drive and 1455 Broad St. in Bloomfield in an off-market transaction.
Domenico
Progress Capital Partner Brad Domenico 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, health care companies, technology companies and many more.