Thorofare Capital has provided a $10,000,000 short-term bridge loan for the acquisition of a mixed-use (office and industrial) asset totaling 201,196 SF located in Mahwah, NJ (the “Property”). Of the $10,000,000 whole loan, Thorofare funded an $8,500,000 A Note and its co-lending partner funded a $1,500,000 subordinated participation (“B Note”).

The floating, interest-only loan closed in just 10 days from loan application, allowing the sponsor to execute a “quick-close” at a favorable purchase price.

555 MacArthur consists of two buildings (North and South) joined by an enclosed second-story pedestrian bridge. The South Building is a three-story Class-A office space containing 88,253 SF of rentable space. The North Building is a 112,943 SF warehouse building, of which 22,012 SF is comprised of mezzanine finished office. The facilities feature a full-service cafeteria, fitness center with locker rooms, and a diagnostic automotive testing area. The site served as the former U.S. corporate headquarters of Jaguar Land Rover.

The Property benefits from being located along MacArthur Boulevard and having proximity to the crossroads of Route 17, I-287, and New York State Thruway (I-87), providing connectivity in all directions. The neighborhood has over 2.0 million SF of existing retail within a three-mile radius and is also expected to receive the highly anticipated Crossroads Town Center being planned less than a mile from the Property. Crossroads Town Center is expected to consist of over 600,000 SF of retailers and restaurants, and a movie theater.

The sponsor is a New York-based private real estate investment group specializing in value-add and opportunistic transactions throughout the Northeast U.S. with a focus on retail, office and industrial properties.