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WEST ORANGE, NJ-Private investor group 347 Mt. Pleasant LLC has obtained $6.5 million in acquisition financing to complete its purchase of 347 Mount Pleasant Ave., a 50,000-sf office building here. The deal was arranged by Tom Didio, senior managing director, and associate Michael Klein of the Florham Park office of Holliday Fenoglio Fowler, in tandem with managing director Evan Pariser of the firm’s New York office.

The two-year, adjustable-rate securitized loan was provided by conduit lender Dillon Read Capital Management. Besides the property’s acquisition, the proceeds will be applied to renovating and completing the lease-up of the building.

The building is currently vacant after owner/user Organon, a pharmaceutical company, moved its US research headquarters to nearby Roseland. The new owners say that while currently vacant, the three-story asset is already 72.5% preleased to a mix of professional service and medical office tenants.

As reported by GlobeSt.com, Organon USA sold the asset in April to a buyer identified only as “a private investor group,” now named as 347 Mount Pleasant LLC. The building is part of a larger former research campus for Organon, a unit of the Netherlands-based Akso Nobel NV. Still to be sold on the site is a 175,000-sf manufacturing and lab building.

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