Progress Capital arranges $81M in financing for multifamily transaction

Progress Capital has arranged $81 million in financing for the acquisition of a multifamily portfolio in Essex County, it announced recently.

The acquisition loan covers 24 buildings in East Orange and Irvington, totaling 701 units.

Granit Gjonbalaj, managing partner of Spaxel, was the purchaser, and while Marcus & Millichap represented both the buyer and undisclosed seller in the $92.5 million transaction. Progress Capital’s Brad Domenico, partner, took charge of the financing.

“All parties involved knew that a year-end close was critical, and worked very hard to make it happen for their respective clients,” he said in a prepared statement. “It was truly a collaborative effort.”