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Harland Drive Industrial
$10,500,000 Acquisition Financing
Covington, GA | August 2020
Thorofare Capital has funded a $10,500,000 “quick-close” acquisition loan for for Harland Drive Industrial in Covington, Georgia, 35 miles east of Atlanta. The financing enabled the sponsor to execute a 1031 exchange which caused the need to close in less than three weeks from loan application.
Built in 2020, Harland Drive is a 100%-leased, 188,225 SF industrial building located on 12 acres in the Rockdale / Newton County submarket of Atlanta. The Property consists of 22 dock high doors and 1 drive-in door for a total of 23 loading doors and boasts a 32 foot clear height. It is well-located less than a half-mile from Interstate 20, which provides direct access to Atlanta, Augusta, and Columbia, SC.
Thorofare provided a limited-recourse, interest-only, fixed rate loan against the newly asset with a flexible prepayment structure which suited the borrower’s business plan.
The sponsor is New Jersey-based private investor who founded a plumbing supply company that has distribution across the New York, New Jersey, Texas and Illinois regions.