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Newark Office Acquisition Secures $114M Financing
JLL Capital Markets and Progress Capital arranged $113.5 million in acquisition financing on the Broad & Halsey Street Portfolio in Newark. The portfolio consists of 707 Broad St. and 153 Halsey St., totaling more than 816,000 square feet of office, and a 901-space parking garage at 261 University Pl.
JLL and Progress Capital worked on behalf of the partnership between SHIFT Capital, the Hanini Group and CoInvestment Partners to secure the three-year, floating-rate loan with ACORE Capital.
Originally built in the 1920s, 153 Halsey St. and 707 Broad St. are leased on a long-term basis to The State of New Jersey, which houses more than 3,500 employees across 35 departments onsite. The properties are positioned in the multi-tower Prudential Insurance Campus in Newark’s CBD.
The JLL Capital Markets team was led by senior managing directors Michael Klein and Jon Mikula and director Matthew Pizzolato alongside Progress Capital partner Brad Domenico.
- ◦Financing
