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$7M Loan Secures Building Acquisition

WEST ORANGE, NJ-The financing completes the pick-up of a 50,000-sf office building once occupied by Organon USA, a pharma company that has relocated.

By Eric Peterson | Updated on May 16, 2007

(Read more on the debt and equity markets.)

WEST ORANGE, NJ-Private investor group 347 Mt. Pleasant LLC has obtained $6.5 million in acquisition financing to complete its purchase of 347 Mount Pleasant Ave., a 50,000-sf office building here. The deal was arranged by Tom Didio, senior managing director, and associate Michael Klein of the Florham Park office of Holliday Fenoglio Fowler, in tandem with managing director Evan Pariser of the firm’s New York office.

The two-year, adjustable-rate securitized loan was provided by conduit lender Dillon Read Capital Management. Besides the property’s acquisition, the proceeds will be applied to renovating and completing the lease-up of the building.

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