Thorofare Capital has funded $19,400,000 in recapitalization financing for Miami Truck Parking. The property is a NNN-leased, 100% occupied commercial truck parking facility located in the Miami Gardens sub-market of Miami, Florida.

The borrower utilized the financing in order to repay existing debt, fund leasing costs and an earn-out which subject to performance hurdles. The floating-rate, interest-only financing carries an initial term of three years followed by two extension options.

Thorofare’s competitive-priced loan provides a flexible prepayment and closed within 30 days of signed loan application.

Miami Truck Parking costs of 360 semi-container parking stalls situated on an industrial-zoned 11.91-acres and spans 518,364 SF of re-developed land that offers amenities, a truck repair facility and 24/7 guarded premises in a logistics-focused location.

The anchor tenant is private equity-backed REEF Technology, which is among the largest U.S. parking facility operators with over 4,800 locations and 1,500 employees, executed a long-term lease following the property’s re-development in 2019-20.

The sponsor is a joint venture between a local operating partner and a New York City-based, multi-billion-dollar private equity real estate fund manager.