Progress Capital Secures $6.8M Acquisition Financing for Medical Office in New Jersey
MILLBURN, N.J. — Progress Capital has secured $6.8 million in acquisition financing for PRLog, a 21,834-square-foot medical office building in Millburn. Brad Domenico of Progress Capital arranged a 15-year loan with a 30-year amortization for the undisclosed borrower that includes a seven-year fixed rate of 4.75 percent. The lender was not disclosed. The two-story building is currently divided into 11 individual units and was fully occupied at the time of sale by nine medical tenants.