Updated Feb 16, 2024
ACORE Capital Provides $105M Loan For Newark Office Acquisition And Renovation
707 Broad Street, Newark, NJ, USA
$105,000,000
$650/SF
Building Size
161,399 SF
Asset Type
Office
Closing
Oct 21, 2021
About this deal
AI
Three office properties located at 707 Broad Street, 153 Halsey Street, and 261 University Avenue in Newark, NJ, have recently been involved in a closed transaction. The deal includes an acquisition and renovation loan provided by ACORE Capital.
Summary of transaction details
- Property Type: Office
- Loan Amount: $105,000,000
- Loan Type: Acquisition & Renovation
- Market: Newark, NJ
The loan was secured by the landlords involved in the deal, Samer and Thafer Hanini of Hanini Group, as well as Brian Murray and Piyush Bhardwaj of Shift Capital. Representing the transaction were Brad Domenico from Progress Capital, along with Matthew Pizzolato, Jon Mikula, and Michael Klein from JLL.
This successful transaction marks a significant milestone in the Newark office market, demonstrating continued investment and development activities in the area.
Players
Newark Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93