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Centennial Ave Data Center
$7,300,000 Acquisition & CapEx Financing
Piscataway, NJ | October 2019
Thorofare Capital has funded a $7,300,000 short-term bridge loan for the acquisition and upgrading of Centennial Ave Data Center. The transaction closed in under 30 days from application to funding.
The property consists of 86,559 SF of data center space and 10,000 SF of traditional office. Due to the off-market acquisition of the asset from an institutional Data Center REIT, the sponsor needed a timely execution from a reliable bridge lender.
Included in the total loan commitment, Thorofare structured up to $2,900,000 of future funding towards the expansion, common area improvement and enhancement of the net rentable area. The transitional mortgage serves the sponsor’s business plan of adding capacity for new leasing and existing tenants’ expansions.
With regional offices in the Seattle, the sponsor is a Europe-based, global investment firm that specializes in digital infrastructure, technology, media, telecom, and real estate.