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ACORE Capital Provides $105M Loan For Newark Office Acquisition And Renovation

707 Broad Street, 153 Halsey Street, 261 University Avenue
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This Office property located in NJ received a loan of $105,000,000 over 2 years ago. The brokers of the deal were Matthew Pizzolato, Brad Domenico, Jon Mikula, and Michael Klein

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.

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Deals
  • Location
    707 Broad Street, Newark, NJ, USA707 Broad Street, Newark, NJ, USA
  • Loan Value
    $105,000,000$105,000,000
  • Asset Type
    OfficeOffice
  • Parties
    4 Brokers, 2 Agencies, 1 Lender4 Brokers, 2 Agencies, 1 Lender

Agents

Jon Mikula

Jon Mikula

Deals29
Financed$1.3B

Matthew Pizzolato

Matthew Pizzolato

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Financed$1B

Michael Klein

Michael Klein

Deals43
Financed$1.3B

Brad Domenico

Brad Domenico

Deals114
Financed$2.1B

Agencies

JLL

JLL

Agency
Deals5591
Volume$332.6B

Progress Capital

Progress Capital

Agency
Deals382
Volume$4.9B

Acore Capital

Acore Capital

Lender
Deals33
Volume$ 724.6B

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Deal Summary

LOAN IMAGE: Michael Klein, Jon Mikula, Matthew Pizzolato & Brad Domenico DATE: 10/21/2021 ADDRESS: 707 Broad Street, 153 Halsey Street 261 University Avenue MARKET: Newark, NJ ASSET TYPE: Office LENDER: ACORE Capital LANDLORD: Samer & Thafer Hanini - Hanini Group; Brian Murray & Piyush Bhardwaj - Shift Capital BROKERS: Brad Domenico (@Domenico317) - Progress Capital (@Progress.Capital); Matthew Pizzolato, Jon Mikula & Michael Klein - JLL (@JLL) LOAN AMOUNT: $105,000,000 LOAN TYPE: Acquisition & Renovation

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707 Broad Street, 153 Halsey Street, 261 University Avenue

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