Axonic Capital provides $30.8 million senior loan to Deugen Development for industrial asset conversion in New Jersey
Type: Financing · Technology: Industrial · Country: United States · Value: $30.8M · Announced: 2026-06-15
Axonic Capital, an alternative investment management firm specializing in structured credit and real estate debt, closed a fully funded $30.8 million senior loan to support Deugen Development's acquisition and conversion of 5 Wood Hollow Road in Parsippany, New Jersey. The transaction funds the purchase of a 330,000-square-foot class B office property, which will be vacant by year-end 2026, and its transformation into a 340,000-square-foot class A industrial facility. Demolition is scheduled to begin in late spring 2027, with redevelopment expected to complete the conversion into industrial space. The financing structure includes pre-development costs, positioning Axonic as the sole lender in this transaction. This deal reflects Axonic's focus on structured credit solutions for real estate repositioning projects in high-demand markets like New Jersey.
Counterparties
- Deugen Development (Borrower)
- Axonic Capital (Lender)