Axonic Capital, an alternative investment management firm specializing in structured credit and commercial and residential real estate debt and equity, announced the closing of a fully funded $30.8 million senior loan to acquire, carry and demolish 5 Wood Hollow Road, a future industrial development project from Deugen Development.
5 Wood Hollow Road is an existing 330,000-square-foot class B office property located in Parsippany, N.J., that will be vacant by year end.
The senior loan funds Deugen’s purchase of the asset and its pre-development costs, and will support the property’s future conversion into a class A industrial space. Demolition of the property is estimated to begin in late spring 2027, and once completed, the property will be developed into a 340,000-square-foot class A industrial property. Other terms of the transaction were not disclosed.
