Acres Capital Supplies $31M Refi for New Jersey Industrial Property

Thor Equities Group has landed a $31.2 million loan to refinance an industrial asset in northern New Jersey, Commercial Observer has learned.

ACRES Capital provided the loan for Thor’s 24 River Road logistics property just north of Interstate 80 in Bogota, N.J. Thor acquired the 208,500-square-foot warehouse facility from Future Brands in 2022, Commercial Property Executive previously reported, citing property records.  

The property is three miles from Teterboro Airport, 18 miles from Newark Liberty International Airport and has access to major highways including the New Jersey Turnpike. Thor has recently undertaken capital improvements at the site, including adding 18 dock-high doors and installing a rail platform. 

The property is leased to a mix of tenants including F&T Trucking, a railroad distribution company. It is next to a 10-acre site at 14 to 22 River Road that Thor acquired in 2023 for around $50 million to build a last-mile distribution center, CO first reported at the time. 

Joseph Sitt, chairman of Thor Equities, said in a statement that the refinancing “reflects the strength” of its industrial strategy as it seeks to grow its logistics portfolio.

Thor expanded its New Jersey industrial portfolio in March with the acquisition of an 18-building complex called Middlebrook Crossroads on 38.6 acres in Bridgewater for $111 million. It also owns New Jersey industrial assets at 1370 Imperial Way in West Deptford, 153 Linden Street in Passaic, and 241 Oraton in Newark. 

The 24 River Road loan marks Thor’s third financing with Acres Capital in the past year alone, with deals including  a $68.5 million construction loan for a Long Island industrial project in Deer Park, N.Y., CO first reported at the time. Acres also supplied a $36.95 million construction loan for the firm’s Wynwood Walk retail development in Miami last November, CO previously reported. 

“This transaction aligns with Acres’ continued commitment to supporting well-located, value-add properties that demonstrate strong market fundamentals,” Mark Fogel, president and CEO of Acres, said in a statement. “Our $31 million bridge facility will allow sponsorship to complete capital improvements, execute its lease-up plan and ultimately deliver a fully stabilized, state-of-the-art property to meet the growing demand for industrial space in Northern New Jersey.”

Andrew Coen can be reached at acoen@commercialobserver.com