Progress Capital arranges $40M loan for office park acquisition

Progress Capital has arranged a $40 million acquisition loan for the purchase of an office park in Bloomfield, it announced Friday.

The Tinton Falls-based firm said in a news release that ERCT Capital Group is buying Broadacres Office Park, a four-building, 397,940-square-foot park, which includes 200, 300 and 400 Broadacres Drive and 1455 Broad St., from an undisclosed seller in an off-market transaction.

Brad Domenico of Progress Capital arranged the loan, working with Jared Zimmel of Natixis Real Estate Capital on the full-term, interest-only loan.