New York, NY, Nov. 13, 2024 (GLOBE NEWSWIRE) — Thor Equities Group, a global leader in urban real estate development, leasing and management, is pleased to announce it has successfully closed a $68.5 million construction loan secured by ACRES Capital for 377 Carlls Path in Deer Park, New York. This financing will support the development of a state-of-the-art, 310,500 square foot Class A industrial facility, designed to meet the growing demands of the market.
Located on 23 acres in Long Island, New York, 377 Carlls Path boasts excellent proximity to approximately three million residents on Long Island alone, as well as convenient access to bustling New York City. With efficient connections to major highways like the Long Island Expressway and Southern State Parkway, Deer Park is also located near key transportation hubs, such as the Long Island Rail Road (LIRR) and nearby airports, including Long Island MacArthur Airport and John F. Kennedy International Airport. This multimodal transportation network facilitates not only ground shipping but also air freight services, essential for companies that require expedited shipping.
“This investment demonstrates our commitment to excellence in development, especially in the industrial sector,” said CIO of Thor North America, Jack J. Sitt. “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.”
Thor Equities has amassed a widespread industrial portfolio with holdings in key markets in New Jersey, New York, Pennsylvania, California, Georgia, Texas, and Illinois in the US; as well as Mexico, Spain, France, the UK, and the Netherlands overseas.
Thor’s recent activity includes the sale of a premier industrial facility in Laredo, Texas, achieving an impressive 180% internal rate of return. Additionally, in late 2024, Thor acquired a 270-acre industrial property in the Greater Atlanta metro area, featuring a 506,220 square foot facility with a dedicated 100 MVA substation and 50 MW power output. The site is fully equipped with necessary infrastructure, allowing for immediate development for data centers or advanced manufacturing.
About Thor Equities Group
Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 20 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.
