Thorofare Capital Provides $36M Acquisition Loan for LI Industrial Complex
New owners Thor Equities and Reinsurance Group of the Americas plan to renovate the property
A joint venture between Thor Equities and Reinsurance Group of the Americas finalized $35.62 million in acquisition financing to purchase and renovate a four-building, 189,000-square-foot industrial and distribution complex in Suffolk County, Long Island, Commercial Observer has learned.
Thorofare Capital, a CRE debt manager based in Los Angeles, provided the acquisition loan, which was originated by David Perlman, managing director and head of the New York office. Thorofare’s Edward Prosser and Henry Johnson led the underwriting and closing of the financing.
Chris Herron and Anthony D’Amelio of Iron Hound Management Company placed the debt.
The deal is the fifth loan closed by Thorofare Capital in 2023, following a busy 2022 in which the firm closed more than $692 million in financing. Prosser, Thorofare’s principal and head of credit, praised the outcome of the deal. “This is a perfect example of a deal in our lending strike zone: value-add industrial in supply-constrained infill markets with high barriers to entry,” he said in a statement.
Thor Equities and Reinsurance Group of the Americas are expected to overhaul the massive Long Island warehouse and distribution complex that sits on 23 acres.
“The previous owners have neglected the property, and Thor Equities is going to convert the property into an institutional industrial asset,” Perlman told CO.
Located at 377 Carlls Path in Deer Park — a small hamlet within the larger town of Babylon -– the industrial complex was constructed in 1956 and last renovated in 1995. Unlike many industrial sites that include distribution centers, the property features a cross-dock terminal, ample storage space for truck parking, and a service depot to repair and maintain trucks, as well as two empty land parcels that could eventually be sold off, according to Perlman.
“It has a bit of everything,” he said. “All those components together offer a lot of different uses, whereas the other sites [in the area] have one or two, but not all together.”
Brian Pascus can be reached at firstname.lastname@example.org