Thorofare Capital has funded an $11,050,000 short-term, floating rate bridge loan for the acquisition and lease up of an industrial outdoor storage property known as 1435 River in Camden, NJ, consisting of over 12.2 acres of leveled dirt that is currently being used for truck and trailer parking.

Camden IOS sits in Camden County industrial submarket, a 46 million square foot industrial market with an overall vacancy of 3.2%, per CoStar.

The broader Philadelphia market is considered the top industrial market in the country with over 587 million square feet of industrial space and sub-4.0% vacancy.

Logistics, trucking, and industrial outdoor storage real estate has become in high demand over the past 24 months with the continued growth of e-commerce and last mile distribution.

The loan carries an initial term of two years with one extension option subject to performance milestones and includes a flexible prepayment window upon the completion of the site’s lease-up.

The sponsor is a New York-based vertically integrated real estate investment firm specializing in the acquisition, management, and leasing of industrial outdoor storage properties including but not limited to last mile delivery storage and parking, truck and container storage, truck terminals, and industrial parking.