24 River Highway. Picture courtesy of CommercialEdge
Thor Equities has secured a refinancing and renovation mortgage for twenty-four River Highway, a 220,000-square-foot industrial property in Bogota, N.J. Thorofare Capital supplied a $26.6 million notice for the Class C asset. The staff included Managing Director David Perlman, Principal Edward Prosser and Affiliate Henry Johnson.
Thor Equities acquired the ability for $32.5 million from Future Manufacturers final 12 months, Bergen County data present. In line with CommercialEdge knowledge, the corporate financed the acquisition with a $12 million mortgage, originated by SkyBrook Capital.
The 2-story constructing got here on-line in 1968. Its present tenant roster contains Outwater Industries, Sahara 39 and JEG Inc. Dumpster Rental. In line with paperwork submitted to the Planning and Zoning Board of the Borough of Bogota, the corporate plans to demolish the construction and construct a brand new industrial facility set to embody 141,368 sq. ft.
The ten-acre property permits for simple entry to Interstate 80 and the New York Metropolis metro space and is 5 miles from the Washington Bridge. The situation is subsequent to a residential space, in addition to retail and self storage amenities.
Refinancing industrial belongings in New Jersey
Each new developments and older industrial amenities in New Jersey have been the topic of refinancing throughout the previous few months. In February, Penwood Actual Property Funding Administration obtained a $19.6 million mortgage from Tristate Capital Financial institution for a 1966-completed warehouse in Carlstadt, N.J., in a deal organized by JLL Capital Markets.
Round that very same time, Greek Improvement changed the development financing originated by Wells Fargo with a brand new $50 million mortgage for its warehouse property in Logan Township, N.J. A life insurance coverage firm supplied the financing that enabled the developer to broaden its industrial park.
Delta Fairness Administration additionally secured a refinancing mortgage from Lincoln Monetary Group for Harborview Logistics and Distribution Middle, a 195,723-square-foot industrial constructing in Bayonne, N.J., which got here on-line in 2022.
