Anthony Rinaldi And John O'Hurley Secure $19.6 Million Construction Loan For Development Site In Parsippany

A joint venture between Saxum Real Estate and Penwood Real Estate has secured a construction loan for a development site located at 7 Campus Drive in Parsippany. The loan amount totals $19,600,000 for a project encompassing 128,150 square feet that is scheduled for completion in late 2026. The facility will replace a vacant office building and is designed to support logistics, distribution, and manufacturing tenants by featuring high ceilings, ample parking, and heavy power capacity.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $19,600,000
• Lender: Univest Bank and Trust
• Landlord: Anthony Rinaldi - Saxum Real Estate & John O’Hurley - Penwood Real Estate Investment Management

This transaction involves key individuals in the real estate sector, with Anthony Rinaldi and John O’Hurley representing their respective firms in this project. The collaboration between Saxum Real Estate and Penwood Real Estate emphasizes their commitment to developing modern industrial facilities that cater to emerging market demands.