Thorofare Capital Funds $5.7M Bridge Loan for Industrial Property in Moorestown, N.J.
MOORESTOWN, N.J. — Thorofare Capital has funded a $5.7 million fixed-rate bridge loan for the acquisition and renovation of a 219,304-square-foot industrial property in Moorestown. Irvine, Calif.-based Phoenix Investment Funds purchased the asset at auction. The vacant warehouse and distribution facility is located at 540 Glen Ave., about 10 miles from downtown Philadelphia. The building sits on a 13-acre lot and features 15,000 square feet of office space, 24-foot clear heights, 29 loading docks and trailer parking. The property is near the New Jersey Turnpike and Interstate 295. The bridge loan includes reserves for immediate repairs and debt service/operating shortfalls, as well as a future funding facility to cover costs associated with tenant improvements and leasing commissions. The one-year, non-recourse, interest-only bridge loan includes an extension option subject to performance hurdles.