BridgeInvest lends Thor Equities $43.2M against Savannah warehouses

BridgeInvest provided a $43.2 million loan to refinance Thor Equities Group's Savannah, Georgia industrial portfolio through its transitional bridge program, Commercial Observer reported. Iron Hound Management negotiated the refinancing.

The Ardley Portfolio totals 11 warehouse buildings on 27 acres at 25-27 Artley Road, roughly 525,000 square feet of logistics space nine miles from the Port of Savannah and less than two miles from Interstate 95.

The $43.2 million loan equals about 88% of the $49 million Thor paid for the portfolio in 2022, or roughly $82 per square foot of debt against a $93 basis.

"We like lending against industrial developments where the location can't be re-created, close to ports, interstates and airports, and sized for the local businesses that actually drive an economy," Alex Horn, BridgeInvest's founder and managing partner, said in a statement, calling Savannah "one of the clearest industrial stories in the country right now."

The loan follows a $114.3 million Miami Beach refinancing BridgeInvest closed on Sept. 18, per this publication's records.

Thor, meanwhile, agreed in August to buy ESRT's 1359 Broadway for $218 million, this publication reported.