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Bergen County Industrial
$26,584,000 Bridge Loan
Bogota, New Jersey | June 2023
Thorofare Capital has provided a $26,584,000 bridge loan for Bergen County Industrial, a 220,540 SF industrial complex spread across two buildings on a 10.45-acre site in Bogota, New Jersey.
The sponsor utilized the proceeds to retire the existing bank loan and plans to complete a multi-million-dollar renovation of the property to add dock high loading doors, overhaul the site and improve the property mechanical systems in addition to leasing the asset to tenants seeking high quality warehouse space in the market.
The property is well located in Bergen County within 5 miles from the George Washington Bridge and New York City, an 856 million SF industrial market with an overall vacancy of 4.8%, per CoStar.
The loan carries a 18-month initial term, interest-only payments, a competitively priced floating rate along with prepayment flexibility.
The sponsor is a privately held, multi-billion-dollar, vertically integrated real estate investment platform that specializes in the investment development, and management of properties across all asset types in core urban markets around the globe totaling over 50 million square feet and gross asset values of $20 billion.