
New York, NY, July 30, 2025 (GLOBE NEWSWIRE) — Thor Equities Group, a global leader in real estate development, leasing and management, is pleased to announce the successful refinancing of 24 River Road, a 208,500-square-foot industrial warehouse located in New Jersey, secured by ACRES Capital. The new $31.2 million loan will support Thor’s continued leasing and stabilization efforts at the property, which features rare access to the New York, Susquehanna, & Western Railway (NYSW).
Situated just 7.5 miles from New York City, and in close proximity to Newark Liberty International Airport and the Port of Newark, River Road offers a prime last-mile location. The asset features immediate access to I-80, and is within 2.5 miles of major highways including the New Jersey Turnpike, Route 46, and Route 9. Thor has recently completed a series of capital improvements at the site, including the addition of 18 dock-high doors and expanded truck courts, interior work for improved operational layout and tenant flexibility, as well as rail platform installation.
The property is currently leased to a mix of office and industrial users, including F&T Trucking, a specialized railroad distribution company utilizing the NYSW rail access for regional distribution across northern New Jersey to Syracuse, NY.
“The refinancing of River Road reflects the strength of our industrial strategy and the continued growth of Thor’s international logistics platform,” said Chairman of Thor Equities, Joe Sitt. “Our ongoing relationship with ACRES Capital has been instrumental in supporting this growth, and we’re proud to partner with a lender that understands the vision and long-term value of our industrial portfolio.”
This marks Thor’s third successful financing with ACRES Capital in the past year. ACRES also provided the $36.95 million construction loan for Thor’s Wynwood Walk retail development in Miami and the $68.5 million loan for 377 Carlls Path, a 310,500-square-foot Class A industrial project in Deer Park, New York.
Thor’s industrial assets in New Jersey include an 18-asset portfolio in Bridgewater, 1370 Imperial Way in West Deptford, 153 Linden Street in Passaic, and 241 Oraton in Newark. In late 2024, Thor completed the sale of a ground-up development leased to Amazon at 280 Richards Street in Brooklyn, as well as the sale of a premier industrial facility in Laredo, Texas, achieving an exceptional 180% internal rate of return (IRR). The firm’s industrial platform spans key markets in Florida, California, Georgia, Texas, Pennsylvania, and Illinois in the U.S., as well as markets across Europe and Latin America.
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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.
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