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Oak Grove Portfolio
$15,000,000 Refinance & TI/LC Financing
Jacksonville, FL | September 2019
Thorofare Capital has funded a $15,000,000 Core+, institutional loan to refinance the Oak Grove Portfolio, which consists of three adjacent single-tenant, flex industrial buildings in Jacksonville, Florida. The 184,810 SF portfolio was 100% leased by an investment-grade credit tenant at the time of loan closing.
Overall, the portfolio comes improved with 63,390 SF of office space (34.3% of total NRA), 121,420 SF of light manufacturing space (65.7% of total NRA), seven (7) dock high and overhead doors and 894 total parking stalls (4.84 per 1,000 SF). Oak Grove Portfolio is well located within Deerwood Park, a 1983 built office and industrial park containing over four million square feet of commercial space, fifty companies and 15,000 employees.
The 5-year, non-recourse, floating rate loan included equity repatriation to the sponsor given the recent long-term lease renewal. The terms featured flexible prepayment and a competitive spread over LIBOR.
The sponsor is a New York-based commercial real estate investment firm focused on distressed and opportunistic debt and equity transactions across various asset classes and geographies.