National scope. Local knowledge.

NE Philadelphia Industrial

NE Philadelphia Industrial

$13,033,000 Refinance

Philadelphia, PA | April 2024

Thorofare Capital has provided a $13,033,000 floating-rate senior loan for the refinance of NE Philadelphia Industrial.  The subject consists of five individual parcels totaling 15.86 acres and 118,509 SF.

The Portfolio’s five cross dock properties include clear heights ranging from 16’ to 20’, 88 dock high loading doors, and 63 drive-in doors. At the time of closing, the Portfolio was 69% leased to five tenants. During the diligence period, the sponsor began negotiating a lease which would bring the asset to 98% occupancy.

The property is well located in an infill part of Philadelphia with direct access to I-95 and the Betsy Ross Bridge providing connectivity to the NJ Turnpike.

The “last-mile” location near the Port of Philadelphia offers direct access to more than 2 million consumers within a 15-minute drive.

The multi-property, floating rate senior loan carries an initial term of 18 months with two conditional extension options and includes a reserve to achieve stabilization.

The sponsor is a vertically integrated real estate investment company that specializes in the investment development, and management of properties across all asset types in core urban markets around the globe.

The sponsor has a portfolio of over 180 properties across the world, with most of their assets concentrated in the United States.