Progress Capital announced that Brad Domenico, partner, has arranged a $34 million CMBS loan on behalf of his clients, Joy Construction and MADDD Equities for a 7-story office building located at 765 Broad Street in Downtown Newark.

The borrowers along with investors, Drew Katz and Newmark Knight Frank’s Justin DiMare purchased the property back in 2016 for $10.5 Million and now plan to recapitalize the deal.

The 200,000 SF building was originally built in 1957 as part of the Prudential Insurance Corporate Site and recently became the new headquarters for the Newark Public Schools.

Domenico secured a 5-year deal and full-term IO. Financing was provided by Jared Zimmel of Natixis Bank.

Located in Newark’s Central Business District, 765 Broad Street offers an advantageous business location with convenient access to New Jersey Transit, Amtrak and the PATH.