Thorofare Capital has funded a $20,000,000 first mortgage to finance the acquisition the Meadowlands Industrial Site, a 17.3-acre logistics assemblage in North Arlington, New Jersey. The proposed development sits within an industrial node close to Route 3 to the north, Route 17 to the west, and the I‐95 corridor to the south. In addition, there is a limited amount of Class‐A industrial space available to meet user demand in the area.

The property is zoned for industrial uses and is subject to its own site‐specific development plan that directly permits warehousing and other industrial uses. The sponsor’s proposed plans include developing the project into 250,000 SF Class A logistics warehouse facility with loading bays, trailer storage spaces and parking spaces. Logistics real estate has become in high demand over the past 24 months with the continued growth of e‐commerce and last mile distribution. The Property is suitable for future industrial development and the proposed development is allowable by right in a highly desirable industrial market.

The Meadowlands Industrial Site is located within the Lyndhurst/Harrison industrial submarket, which currently exhibits an overall vacancy of just 2.5%. The New Jersey industrial market is driven by its proximity to high density population areas included New York City and Philadelphia as well as proximity to Port Newark. Port traffic is expected to continue to grow due to the raising of the Bayonne Bridge in 2019 which allows access to Panamax cargo ships which are more than twice the size of the previously used vessels.

The first mortgage, interest-only loan carries and initial term of 18 months, a flexible prepayment window and includes reserves to carry the pre-development of the project to its next phase of construction.

The sponsor is a New York-based real estate investment management and development firm with a portfolio consisting of more than 2,000 multifamily apartments and over 1 million square feet of office, industrial, and retail space.