Thorofare Capital Provides $27M Loan for Acquisition of Office Park in Northern New Jersey

by David Cohen

MORRISTOWN, N.J. — Thorofare Capital has provided a $27.1 million loan for the acquisition of Mount Kemble Corporate Center, a 229,685-square-foot office campus in Morristown. The loan proceeds will also be used for property improvements and lease-up efforts. The borrower is a joint venture between Vision Properties and The Birch Group. The property was built in 1999 and is comprised of two, three-story Class A office buildings. At the time of closing, the property was 81 percent leased with a tenant roster that included Coughlin Duffy LLP, Avaya, Tenfour and Artech. Thorofare’s floating-rate mortgage featured a three-year initial term and two, one-year extension options.

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