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Thor Equities Refinances Industrial Portfolio In Philadelphia For $13.03M

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FINANCED
$13,033,000

Pennsylvania

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Industrial
Financed 04/04/2024
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Property Image
FINANCED

Thor Equities Refinances Industrial Portfolio In Philadelphia For $13.03M

4219 Richmond Street, 4235 Richmond St , 2840 Hedley Street, 2860 Hedley Street & 4101 Carbon St

See Similar Deals
Industrial
Financed 04/04/2024
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Summary

PENNSYLVANIA
Asset Type:Industrial
Transaction Type:Loan

The industrial property in Philadelphia, PA, located at 4219 Richmond St., 4235 Richmond St., 2840 Hedley St., 2860 Hedley St., & 4101 Carbon St, was recently involved in a refinancing transaction with a loan amount of $13,033,000. The property consists of four cross-dock terminals, an ambulance service center with a two-story office and maintenance area, as well as ample space for truck parking suitable for industrial outdoor storage. These subtypes within industrial are in high demand due to their close proximity to major transportation routes and the Port of Philadelphia.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $13,033,000
  • Lender: David Perlman, Henry Johnson & Eddie Prosser - Thorofare Capital
  • Landlord: Thor Equities
  • Loan Type: Refinance

The lenders involved in the refinance deal for the industrial property include David Perlman, Henry Johnson, and Eddie Prosser from Thorofare Capital. Thor Equities serves as the landlord for the property, showcasing a collaborative effort between the financial institutions and the property owner to facilitate the refinancing process.

Players

BROKERAGE



Details

FINANCED
IMAGE: Eddie Prosser, David Perlman & Henry Johnson DATE: 04/04/2024 ADDRESS: 4219 Richmond St., 4235 Richmond St., 2840 Hedley St., 2860 Hedley St., & 4101 Carbon St MARKET: Philadelphia, PA ASSET TYPE: Industrial LENDER: David Perlman, Henry Johnson & Eddie Prosser - Thorofare Capital LANDLORD: Thor Equities LOAN AMOUNT: $13,033,000 LOAN TYPE: Refinance NOTE FROM LENDER: Four of the five parcels are contiguous, with the remaining being less than a mile down the street. The collateral consists of four cross-dock terminals and an ambulance service center consisting of a two-story office and maintenance area. Further, the grounds for the Portfolio consist of ample space for truck parking that can be used as industrial outdoor storage. These subtypes within industrial are in high demand for this area based on its close proximity to the I-95 and the New Jersey turnpike as well as near the Port of Philadelphia.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$13,033,000.00

Monthly NOI$86,886.67
Monthly Debt Service$82,377.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00