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Landmark Newark Building Secures Financing

NEWARK-Diversified Capital Inc., owners of 24 Commerce St., have entered into an agreement with Lane Capital Partners in which Lane will provide long-term financing to complete the renovation of the landmark building here.

By Maria Wood | Updated on October 13, 2009

NEWARK-Diversified Capital Inc., owners of 24 Commerce St., have entered into an agreement with Lane Capital Partners in which Lane will provide long-term financing to complete the renovation of the landmark building here. Lane also took a minority interest in the 180,000-square-foot, 18-story skyscraper. Diversified Capital declined to reveal the amount of the investment. Requests made to Lane were not returned by deadline.

The building is currently undergoing a multi-million renovation, which is nearing completion. “We are now able to take this building to the next stage in its rebirth,” says Diversified Capital president Joe Rosenbaum, in a statement. “This agreement with Lane will allow us to complete our capital improvement program to upgrade the asset. This ensures that existing tenants will benefit from having a steady landlord committed to the long-term and success of the property. It also provides an excellent setting for new tenants seeking space in a secure, tenant-centric environment.”

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