Jones Lang LaSalle Inc.
10/19/2026 | Press release | Distributed by Public on 10/19/2026 09:57
JLL arranges $14.1 financing for Springfield Plaza in Northern New Jersey
Key Takeaways
• JLL Capital Markets arranged a $14.1 million acquisition loan for Springfield Plaza, a 72,120-square-foot retail center in Springfield, New Jersey.
• JLL secured financing on behalf of Adoni Property Group, a New Jersey-based owner and operator with an extensive track record across commercial and multifamily assets.
• The property is 97% leased along the heavily trafficked Route 22 corridor, featuring national and regional tenants across necessity-based retail, dining and service uses
MORRISTOWN, N.J., Oct. 19, 2026 - JLL Capital Markets announced today that it arranged $14.1 million of acquisition financing for Springfield Plaza, a 72,120-square-foot retail center located at 271-275 U.S. Route 22 East in Springfield, New Jersey.
JLL worked on behalf of the borrower, Adoni Property Group, to secure a fixed rate loan through a regional bank.
Developed in 1980, Springfield Plaza is a 97%-leased neighborhood retail center situated on approximately seven acres and comprised of three buildings with 313 surface parking spaces. The property is 97% leased to 17 national and regional tenants, diversified across food and beverage, education and enrichment, government services, recreation and specialty retail uses.
The property benefits from prominent frontage along U.S. Route 22, one of Northern New Jersey's primary commercial corridors, and offers direct access to the Garden State Parkway, Interstate 78, U.S. Route 24 and Interstate 95. Springfield Plaza serves a densely populated and affluent trade area encompassing Springfield, Summit, Millburn, Union and other surrounding communities. The location provides convenient connectivity to major employment centers throughout northern New Jersey and the New York metropolitan area, supporting strong consumer demand and retailer interest.
The JLL Capital Markets team was led by Senior Directors Max Custer and Gerard Quinn, along with Analyst Matthew McManus.
"Springfield Plaza presented a compelling opportunity to finance a well-established retail center with durable cash flow, a highly diversified tenant roster and a long history of serving the surrounding community," Custer said. "The combination of necessity-based uses, experienced sponsorship and a premier Route 22 location generated strong lender interest."
"We recently started working with the JLL team and they deliver results," said Nicholas Tessitore, CFO of Adoni Property Group. "In this interest rate environment, you need top-tier execution and that's what JLL provides."
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.
About Adoni Property Group
Adoni Property Group is a privately held organization with over 30 years of experience in the development, investment, ownership, and management of high-quality and vastly diversified real estate assets. We handle all aspects of the real estate life cycle from acquisitions and architectural and engineering design to construction/development and property management. Adoni Property Group strives to construct beautiful buildings and properties across all acquisitions, creating a long-standing reputation for excellence and expertise. We are recognized within the industry as a leading firm that is strong and stable. We have developed various types of properties including but not limited to luxury apartment complexes, active adult communities, retail shopping centers, office buildings, and industrial spaces.
Jones Lang LaSalle Inc. published this content on October 19, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 19, 2026 at 15:57 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]