20 Million Dollar Loan Received for East Hanover Industrial Project

New Vernon Equities has secured a $20 million construction loan from Provident Bank for a 100,000-square-foot industrial building in East Hanover, according to brokers with CBRE.

Located at 80 Arena Way, the speculative project is redeveloping a former office building site off Route 10 and within the borrower’s Arena campus. Plans call for 32-foot clear ceiling heights, 26 dock-high loading doors, two drive-in doors and parking for 196 vehicles, with delivery scheduled for the first quarter of 2027.

CBRE’s Matthew Pizzolato, Josh Stein and Carlos Silva arranged the financing on NVE’s behalf. Newmark’s Michael Schipper, Kyle Eaton and Robert Loderstedt will handle leasing at the property, while ARCO Design/Build is the general contractor.

“80 Arena Way addresses a clear gap in Morris County, where demand for small-bay, multitenant industrial space has outpaced availability,” Pizzolato said. “By partnering with Provident Bank, we were able to structure a construction loan that supports New Vernon Equities’ vision for a Class A facility with the flexibility to accommodate tenants from 20,000 square feet up.”

Read the full article about the deal from Real Estate NJ here.