$197 million acquisition loan arranged by Progress Capital
Brad Domenico, Partner at PROGRESS CAPITAL, has secured $196.9 million in acquisition financing on behalf of a partnership between Fred Arena, CEO of Vision Properties and Hana Financial, to purchase a 432,000 square meter state-of-the-art office building square feet located at 70 Hudson Street in Jersey City, NJ.
The property is a stunning 12-story Class A waterfront building that has benefited from over $21 million in upgrades and improvements over the past few years. The multi-tenant building contains 226 covered parking spaces and is leased to credit tenants such as CVS (ground floor retail), TD Ameritrade, Gucci, Federal Home Loan Bank of NY and Fidessa.
“Debt capital markets continue to show strong interest in core office properties along the Jersey City waterfront, for high-profile sponsors. This building certainly fits that box with a top notch partnership between Vision Properties and Hana Financial. said Domenico. “We are proud to have represented this dynamic partnership.
A collaborative effort by Brad Domenico of Progress Capital (debt placement), David Bernhaut of Cushman and Wakefield (investment sales) and Jared Zimmel of Natixis Bank (lender) led to a successful transaction.
Due in large part to the largest residential development boom in recent years, Jersey City’s waterfront has been transformed into a vibrant 24-hour live/work/play environment. Thousands of residential units and Numerous lifestyle amenities such as bars, restaurants, boutiques and grocery stores are all within walking distance of the property and attract both renters and young professionals.
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