153 Linden St. in Passaic — Courtesy: Lee & Associates New Jersey
By Joshua Burd
An institutional lender has provided $47 million in financing to Thor Equities Group for a recently acquired, 330,000-square-foot industrial building in Passaic.
According to JLL, which sourced the debt, Tremont Realty Capital originated the three-year, floating-rate loan in connection with the property at 153 Linden St. Thor announced its acquisition of the fully leased building in mid-September, touting its location less than five minutes from Route 21 and 13 miles north of Newark Liberty International Airport.
JLL David Sitt, Peter Rotchford, Matthew Pizzolato and Ryan Carroll represented the borrower in securing the loan.
“Even with the recent volatility in the capital markets, we continue to see strong interest from the lending community for well-located, institutional quality industrial assets,” Pizzolato said. “Tremont Realty Capital provided attractive terms that will allow Thor to execute their business plan.”
In a news release, the brokers noted that the building is segmented into a 115,000-square-foot section with 27-foot clear ceiling heights, a 163,000-square-foot section with 16-foot clear heights and 52,000 square feet of outparcel buildings. It’s currently home to Waitex Group International, a third-party logistics tenant, which sold the property in a transaction brokered by Lee & Associates New Jersey.