PAG Investments secures financing for Parsippany office property

An office building in Parsippany has secured $31.12 million in financing arranged by JLL Capital Markets, NJBIZ reported. JLL secured the three-year, floating-rate loan from Prime Finance on behalf of PAG Investments. PAG Investments will use the financing to buy the office building and “fund future capital expenditures and leasing advances,” according to the outlet. “With its attentive management and leasing efforts and an extensive capital expenditure program, PAG will quickly be able to turn this asset into a true Class A building and attract and retain tenants that will stabilize and maintain a high occupancy for years to come,” JLL Capital Markets’ senior managing director Michael Klein said in a statement. [NJBIZ]