Progress Capital Arranges Acquisition Financing for Office Campus in NJ
Progress Capital’s Partner, Brad Domenico and Vice-President, Frank Stanislaski secured a $5,200,000 acquisition loan for Sonny Adoni of Adoni Property Group to purchase a 217,000-sf office complex located in the Basking Ridge section of Bernards.
TriState Capital Bank provided the loan, which carries a 16-month interest-only period. Cushman & Wakefield’s David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Bill Baunach represented the seller and procured the buyer, Adoni Property Group, in the sale transaction.
Completed in 1984 at 131 Morristown Road, the office campus consists of (2) two-story buildings connected by an enclosed walkway and a landscaped courtyard. Amenities include an onsite cafeteria and fitness center.
Located on 34-acres, the property benefits from visibility and frontage along Route 202 and is just six miles from downtown Morristown. Immediate access to Interstate 287 allows for a 15-minute drive to Morristown Municipal Airport and a 30-minute drive to Newark Liberty International Airport.
Since 1990, Progress Capital has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate advisory firm, we provide valuable advice to manage all your capital needs.