Provident Bank partners with CBRE on $20M construction loan

East Hanover, NJ — CBRE announced that it secured a $20 million construction loan from Provident Bank on behalf of New Vernon Equities for the development of 80 Arena Way, a 100,000 s/f speculative industrial facility on the site of a former office building in East Hanover.

The CBRE Capital Markets team of Matthew Pizzolato, Josh Stein and Carlos Silva arranged the financing on behalf of the borrower. Newmark has been retained to handle leasing at the property, with a team led by Michael Schipper, Kyle Eaton and Robert Loderstedt out of its East Brunswick, NJ office.

“80 Arena Way addresses a clear gap in Morris County, where demand for small-bay, multi-tenant industrial space has outpaced availability,” said Pizzolato. “By partnering with Provident Bank, we were able to structure a construction loan that supports New Vernon Equities’ vision for a class A facility with the flexibility to accommodate tenants from 20,000 s/f up.”

Located on a 17.89-acre site within the Arena campus, the development will feature 32’ clear heights, 26 dock-high loading doors, two drive-in doors and parking for 196 vehicles. ARCO Design/Build is the general contractor, with delivery scheduled for the first quarter of 2027. Suites can be subdivided to as small as 20,000 s/f, each with up to 5% office space, plus up to 20,000 s/f of mezzanine.

80 Arena Way sits about three miles from Interstate 287 at Exit 39A, with I-80 and Rte. 46 nearby, giving tenants access to NYC, regional ports and the broader Northeast Corridor, with 20.2 million people within a 90-minute drive. Morris County remains one of the strongest industrial submarkets in New Jersey, with roughly 28.8 million s/f of industrial inventory that has averaged 98% occupancy over the past five years in buildings under 100,000 s/f, according to CBRE.