Thorofare Capital has provided a $54,500,000 floating-rate senior loan to refinance and fund the lease-up of Crown 95, a recently redeveloped 624,912 square-foot multi-level industrial warehouse and distribution facility located along the I-95 corridor in Philadelphia.

The Property was originally acquired as a large-scale manufacturing complex and subsequently repositioned through a partial demolition and redevelopment program delivering approximately 376,912 square feet of new Class A industrial space. The remainder of the building was renovated to support industrial users requiring a mix of clear heights and loading configurations. The site also includes 3.5 acres of secured parking for cars and trailers.

The sponsorship group has advanced leasing activity since redevelopment, securing a credit-rated global manufacturing and distribution tenant for a long-term lease in the Class A portion of the asset, with a second large-format industrial user in active lease negotiations for the balance of the top floor. A nonprofit industrial operator also extended its tenancy in the mezzanine level. Upon execution of the pending lease, occupancy would increase to approximately 75%.

The Property is located within a Keystone Opportunity Zone and PILOT structure that materially reduces real estate taxes through 2028. The Sponsor is pursuing an extension through year-end 2035, supported by local approvals already in place and pending final state-level authorization. As part of the business plan, the Sponsor intends to invest additional capital in tenant improvements, demising work, and targeted power enhancements to support multi-tenant demand.

Loan proceeds were used to refinance existing debt, fund reserves for leasing and capital improvements, and cover closing costs. The floating-rate, interest-only loan carries a three-year initial term with extension options, providing time for the Sponsor to execute the lease-up and pursue a stabilized refinance or sale.

The Sponsor is a private real estate investment partnership with experience in adaptive reuse and industrial repositioning strategies across major logistics corridors in the Mid-Atlantic.