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Rezul News/10329357
Thorofare Capital Provides Acquisition Financing for Distressed Philadelphia Industrial Property
LOS ANGELES - April 19, 2017 - Rezul -- Thorofare Capital has funded a $5.74 million fixed-rate bridge loan for the acquisition, renovation and stabilization of a 219,30-square-foot industrial property located in Moorestown, NJ.
Thorofare closed the transaction in just 10 business days from the time of signed loan application in order to help the Irvine, CA-based Phoenix Investment Funds purchase the distressed asset at auction.
The vacant warehouse and distribution facility is located at 540 Glen Avenue in the well-established South New Jersey/Burlington industrial submarket, approximately 10 miles from downtown Philadelphia. The building sits on a 13-acre lot and features, 15,000 square feet of office space, 24-foot clear heights, 29 loading docks, and trailer parking. The property is served by the New Jersey Turnpike and Interstate 295, which is the most widely used thoroughfare between Philadelphia and New York City.
The highly structured bridge loan includes reserves for immediate repairs and debt service/operating shortfalls, as well as a future funding facility to cover costs associated with tenant improvements and leasing commissions. The one-year, non-recourse, interest-only bridge loan includes an extension option subject to performance hurdles, according to Thorofare Principal Felix Gutnikov who led the origination team.
Thorofare closed the transaction in just 10 business days from the time of signed loan application in order to help the Irvine, CA-based Phoenix Investment Funds purchase the distressed asset at auction.
The vacant warehouse and distribution facility is located at 540 Glen Avenue in the well-established South New Jersey/Burlington industrial submarket, approximately 10 miles from downtown Philadelphia. The building sits on a 13-acre lot and features, 15,000 square feet of office space, 24-foot clear heights, 29 loading docks, and trailer parking. The property is served by the New Jersey Turnpike and Interstate 295, which is the most widely used thoroughfare between Philadelphia and New York City.
The highly structured bridge loan includes reserves for immediate repairs and debt service/operating shortfalls, as well as a future funding facility to cover costs associated with tenant improvements and leasing commissions. The one-year, non-recourse, interest-only bridge loan includes an extension option subject to performance hurdles, according to Thorofare Principal Felix Gutnikov who led the origination team.
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Phoenix Investment Funds is a private investment firm specializing in the acquisition of distressed assets, non-performing loans and other opportunistic transactions with high upside potential.
About Thorofare Capital
Thorofare Capital, Inc. http://www.thorofarecapital.com focuses on originating senior mortgage debt solutions to borrowers seeking to opportunistically purchase or recapitalize middle market commercial real estate assets throughout the United States. Through Thorofare's two types of lending programs – Fixed Rate Bridge Loans and Floating Rate Whole Loans – it directly originates secured first mortgage positions from $3,000,000 to $40,000,000 on commercial cash-flowing assets across the country. Thorofare, LLC is an SEC-registered alternative investment manager that specializes in managing the Fixed Rate Bridge Loans with its private fund vehicles. Thorofare has originated more than $1 billion of assets in its series of private fund vehicles and institutional accounts. Thorofare's investors include family offices, foundations, wealth managers, institutional accounts and high net worth individuals.
About Thorofare Capital
Thorofare Capital, Inc. http://www.thorofarecapital.com focuses on originating senior mortgage debt solutions to borrowers seeking to opportunistically purchase or recapitalize middle market commercial real estate assets throughout the United States. Through Thorofare's two types of lending programs – Fixed Rate Bridge Loans and Floating Rate Whole Loans – it directly originates secured first mortgage positions from $3,000,000 to $40,000,000 on commercial cash-flowing assets across the country. Thorofare, LLC is an SEC-registered alternative investment manager that specializes in managing the Fixed Rate Bridge Loans with its private fund vehicles. Thorofare has originated more than $1 billion of assets in its series of private fund vehicles and institutional accounts. Thorofare's investors include family offices, foundations, wealth managers, institutional accounts and high net worth individuals.
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This communication is for informational purposes only and intended for our non-advisory loan origination and servicing clients only. As such, nothing herein is an offer or solicitation for the purchase or sale of any security, may not be relied upon in connection therewith, and is qualified in its entirety by any related Private Placement Memorandum and Partnership Agreement. An investment in a private real estate fund involves a substantial degree of risk and investors could lose some or all of their investment. Thorofare Capital Inc's affiliate Thorofare, LLC is the company's investment advisory affiliate. Loans funded through Thorofare's private investment fund vehicles. SEC registration does not imply any particular level of skill.
Source: Thorofare Capital