Updated Sep 23, 2026
New Vernon Equities Secures $20 Million Construction Loan From Provident Bank For Industrial Project
80 Arena Way
$20,000,000
$200/SF
Building Size
100,000 SF
Asset Type
Industrial
Closing
Sep 22, 2026
About this deal
AI
A construction loan amounting to $20 million was secured by New Vernon Equities for the development of a 100,000-square-foot industrial building located at 80 Arena Way in East Hanover, NJ. This speculative project will encompass 26 dock-high doors, two drive-ins, and 196 parking spaces, with completion anticipated for Q1 2027.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $20,000,000
- Loan Type: Construction
- Address: 80 Arena Way, East Hanover, NJ
- Lender: Provident Bank
- Landlord: Michael Petillo - New Vernon Equities
- Brokers: Matthew Pizzolato, Josh Stein & Carlos Silva - CBRE
The transaction involved key players including Michael Petillo representing New Vernon Equities, and brokers Matthew Pizzolato, Josh Stein, and Carlos Silva from CBRE. Their involvement highlights the collaboration between various professionals to facilitate this significant construction loan agreement.
On the Map
$20,000,000
$200/SF
Industrial
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Players
Quaker City Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93