Donato, developer and owner of the building and primary developer of Eatontown Business Park, will use the funding to pay off an existing construction loan from a commercial bank, according to MRG senior vice president Richard Koch. The 10-year loan was placed with National Life of Vermont, which has an exclusive correspondent relationship with MRG-NJ.
"The borrower recently completed construction of the facility and was seeking long-term, fixed-rate financing," according to Koch. "We were able to arrange the right deal for them."
The three-story asset is situated on just over four acres at 1-13 Christopher Way, near Route 35 in this Monmouth County community. The building is fully leased to a tenant roster that includes Optnext Inc., a subsidiary of Hitachi; Advest Inc.; and Quintum Technologies.
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