Acres Capital Provides $69M Construction Loan for Long Island Industrial Facility

Thor Equities Group has secured $68.5 million in construction financing to build a state-of-the-art, 310,500-square-foot, Class A industrial facility in Deer Park, N.Y., Commercial Observer has learned.  

ACRES Capital provided the construction financing. No broker was listed on the transaction. 

Jack J. Sitt, chief investment officer of Thor North America, said in a statement that the deal demonstrates his firm’s “commitment to excellence” in developing assets across the industrial sector. 

“We look forward to developing a state-of-the-art facility that meets the demands of today’s market and contributes to economic growth in the region,” said Sitt. 

Located at 377 Carlls Path in Deer Park — a tiny hamlet north of the Long Island town of Babylon within Suffolk County — the coming industrial facility will sit on 23 acres. 

With easy access to the Long Island Expressway and Southern State Parkway, connectivity is key: The facility is a one-hour drive from Midtown Manhattan and is near both Long Island MacArthur Airport and John F. Kennedy International Airport. 

Thor Equities has been active in the industrial sector lately. This year the firm sold an industrial facility in Laredo, Texas, and achieved a 180 percent return, while it also acquired a 270-acre industrial property outside Atlanta, according to Thor Equities. 

Acres Capital did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com