National scope. Local knowledge.
$16,860,000 Acquisition Financing
Forest Hills, NY | June 2022
Thorofare Capital has funded a $27,000,000 fixed-rate first mortgage for the value-add acquisition, repositioning and lease-up of Queens MXU, which is located on Austin Street in the center of Forest Hills, New York, on the western edge of Queens.
The local owner-operator borrower utilized the proceeds to acquire a portfolio of commercial condominiums across two separate transactions, and then collapsing the condo regime to create a multi-tenant 4-story, 42,424 SF mixed-use office, retail, and 51-space parking garage property.
As a substantial value enhancement prior to closing, the sponsor secured a signed LOI from an investment grade-credit tenant which is slated occupy most of the to-be-leased office space.
Thorofare provided a two-year initial loan term, with structured future funding towards the accretive rehab and lease-up costs. Loan proceeds will be utilized for an overhaul base building renovation, interior upgrades and lease-up of the property, which is in a prime Queens location surrounded by various large employers, thousands of residences, and a large local population with strong demographics.
The sponsor is a joint venture among local developers and multi-generational private investment firms who have a demonstrated track record of acquiring, building, leasing, and managing various commercial properties across the New York Metropolitan Area.