Thorofare Capital has funded a $5,740,000 fixed-rate bridge loan for the acquisition, renovation and lease-up of a 219,300 SF industrial (with ~10% office space) asset located in Moorestown, NJ. Thorofare closed the transaction in just 10 business days from the time of signed loan application, in order to help the sponsor purchase the distressed asset via auction.

The highly structured bridge loan includes both 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 sponsor’s plan is to refinance Thorofare’s loan with permanent financing once the facility is renovated and leased to stabilization.

Glen Avenue Industrial is located in south New Jersey/Burlington, a well-established industrial submarket that is approximately 10 miles away from downtown Philadelphia and just 2 miles from Interstate 295, which is the most widely used thoroughfare between Philadelphia and New York City.

The non-recourse, interest-only bridge loan carries an initial term of one year and includes an extension option subject to performance hurdles. The sponsor is a private investment firm specializing in purchasing distressed assets, non-performing loans and executing other opportunistic transactions with high upside potential.