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Hartford County Industrial
$14,465,000 Acquisition, CapEx & TI/LC Financing
Windsor Locks, CT | September 2023
Thorofare Capital has provided a $14,465,000 first mortgage loan for Hartford County Industrial, a 450,625 SF multi-tenant industrial warehouse facility in Windsor Locks, Connecticut.
At the time of loan origination, the property was 100.0% leased by four (4) tenants with average in-place rents significantly below market and a short weighted-average lease term.
The sponsor’s business plan calls for the implementation of an aggressive leasing strategy to capitalize on the immediate mark-to-market opportunity given the near-term rollover, with the primary goal will be to lease two larger suites at market rents.
The floating-rate, interest-only Loan has a 30-month initial term, a flexible prepayment structure, and a competitively priced credit spread.
The prime industrial location proximate to Bradley International Airport (BDL) in north-central Hartford County, within the town of Windsor Locks. BDL is located directly across the street from the subject property.
BDL is the second largest and busiest airport in New England, behind only Boston Logan International Airport. The airport averaged roughly 3.7 million enplanements in 2021 and experienced usage by many major cargo and freight service providers including FedEx, UPS, and Amazon.
The sponsor is a joint venture between am northeastern U.S. owner-operator and a west coast-based private equity fund investment manager.