Thorofare Capital funds $5.74 million loan in 10 days
Moorestown, NJ — Thorofare Capital has funded a $5.74 million fixed-rate bridge loan for the acquisition, renovation and stabilization of a 219,300 s/f industrial property located in Moorestown.
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 Ave. in the well-established South New Jersey/Burlington industrial submarket, 10 miles from downtown Philadelphia. The building sits on a 13-acre lot and features, 15,000 s/f of office space, 24-foot clear heights, 29 loading docks, and trailer parking.
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.
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.