In the news. Around the nation.

Thorofare has provided a $30.8 million redevelopment loan to The Chetrit Group for 440 Elizabeth Avenue, a 25-story multifamily tower adjacent to Newark International Airport in Newark, N.J.. The property, formerly known as Carmel Towers, towers over the Weequahic neighborhood in Newark’s South Ward, built around the 311-acre Weequahic Park — the largest park in Essex County.

The historic Spreckels Theater Building – a San Diego landmark for more than a century – has been sold for $26.5 million. The 217,000 SF property, which sits at the edge of the Gaslamp Quarter, was acquired by a joint venture of Taconic Capital Advisors and Triangle Capital Group.

Thorofare Capital has provided a $13 million bridge loan for the acquisition, re-development and lease-up of a 70,000 SF medical office building in the Northern New Jersey community of West Orange.

Bridge lender Thorofare Capital has expanded its loan program to include ground-up construction. The Los Angeles firm has committed $250 million from an existing discretionary vehicle to the endeavor, with plans to do more.

L.A.-based lender Thorofare Capital has provided just over $21.5 million to AD1 Global Hospitality to refinance Crowne Plaza Orlando-Lake Buena Vista near the Walt Disney World Resort, Commercial Observer has learned.

JLL Capital Markets has secured $23.7 million in acquisition financing for Pellisier Logistics Center, an industrial warehouse and distribution property located at 1901 W. Center St. in Colton. Marc Schillinger, Keith Rosso and Eric Boucher of JLL’s Debt & Structured Finance group in Century City, Calif., placed the two-year, fixed-rate loan with Thorofare Capital for the borrower, a privately owned apparel manufacturer. Loan proceeds were used to purchase the asset immediately upon completion by developer Hillwood Investment Properties, a Perot Co.

Thorofare Capital provided a $13.1 million loan for the 206,000-square-foot Pinellas Business Center. The six-building property occupies 18 acres at 10901 to 11001 Roosevelt Blvd. and 1000 112th Circle N. in the Pinellas Gateway District. Developed between 1985 and 1986, the park has single-story office and industrial facilities with grade-level and dock-high doors and showroom space. Denholtz has owned the asset since 2001, Yardi Matrix shows.

LOS ANGELES, CALIF. – Los Angeles-based Thorofare Capital funded a $23.7 million acquisition loan for Pellisier Logistics Center, a 232,588-square-foot, fully leased industrial warehouse and distribution property in Colton, CA. JLL Capital Markets’ Marc Schillinger, Keith Rosso and Eric Boucher arranged the financing on behalf of the borrower group, an unnamed privately-owned apparel manufacturer.

In St. Petersburg, New York-based Thorofare Capital funded a $13.1 million refinancing of the debt on Pinellas Business Center, which is also a one-story building with no shared lobbies. David Perlman, managing director at Thorofare, told the Tampa Bay Business Journal that he was anticipating the building would see increased interest from companies due to Covid-19. The pandemic has decision-makers rethinking their approach to office space, and without shared lobbies or elevators, a single-story office or flex building like Regency North offers more control than a multitenant office tower or midrise.

Thorofare Capital has funded a $13.1M loan to finance Pinellas Business Center, a 206,000 SF office and industrial property located in St. Petersburg, Florida.