Thor Equities has secured a refinancing and renovation loan for 24 River Road, a 220,000-square-foot industrial property in Bogota, N.J. Thorofare Capital provided a $26.6 million note for the Class C asset. The team included Managing Director David Perlman, Principal Edward Prosser and Associate Henry Johnson.
Thor Equities acquired the facility for $32.5 million from Future Brands last year, Bergen County records show. According to CommercialEdge data, the company financed the acquisition with a $12 million loan, originated by SkyBrook Capital.
The two-story building came online in 1968. Its current tenant roster comprises Outwater Industries, Sahara 39 and JEG Inc. Dumpster Rental. According to documents submitted to the Planning and Zoning Board of the Borough of Bogota, the company plans to demolish the structure and build a new industrial facility set to encompass 141,368 square feet.
The 10-acre property allows for easy access to Interstate 80 and the New York City metro area and is 5 miles from the Washington Bridge. The location is next to a residential area, as well as retail and self storage facilities.
Refinancing industrial assets in New Jersey
Both new developments and older industrial facilities in New Jersey have been the subject of refinancing during the last few months. In February, Penwood Real Estate Investment Management received a $19.6 million loan from Tristate Capital Bank for a 1966-completed warehouse in Carlstadt, N.J., in a deal arranged by JLL Capital Markets.
Around that same time, Greek Development replaced the construction financing originated by Wells Fargo with a new $50 million loan for its warehouse property in Logan Township, N.J. A life insurance company provided the financing that enabled the developer to expand its industrial park.
Delta Equity Management also secured a refinancing loan from Lincoln Financial Group for Harborview Logistics and Distribution Center, a 195,723-square-foot industrial building in Bayonne, N.J., which came online in 2022.