Progress Capital Arranges $196.9M Acquisition Loan for Jersey City Office Building

JERSEY CITY, N.J. — Locally based mortgage banking and advisory firm Progress Capital has arranged a $196.9 million acquisition loan for a 432,000-square-foot office building located at 70 Hudson St. in Jersey City. Tenants at the 12-story building include TD Ameritrade, Gucci, Fidessa and Federal Home Loan Bank of New York, as well as CVS in the ground-floor retail space. Brad Domenico of Progress Capital arranged the loan through Natixis Bank on behalf of the borrower, a partnership between Vision Properties and Hana Financial. David Bernhaut of Cushman & Wakefield brokered the sale of the property. The seller was not disclosed.