New York, NY, Nov. 26, 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 $36.95 million construction loan secured by ACRES Capital for its development, Wynwood Walk, in South Florida. With this new loan, the total financing arranged with ACRES in the past month exceeds $100 million, highlighting the strength of Thor’s relationship with ACRES and its ongoing commitment to the vibrant Wynwood District in Miami.
The loan will support the business plan to continue the leasing of the asset, which has already attracted an exciting mix of high-profile tenants. Among the notable current tenants at Wynwood Walk include Puttery, Velvet Taco, Sea Saw/Shinso, Chama De Fogo, Midtown Boba, and Collectors Club — each contributing to the lively experience that defines Wynwood Walk.
"We’re excited to build on the momentum that we’ve achieved at Wynwood Walk,” said Chairman of Thor Equities Group, Joe Sitt. “With our talented team and a solid foundation of existing tenants, we look forward to realizing the full potential of Wynwood Walk as a key destination in Miami."
Earlier this month, Thor announced the closing of 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.
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.
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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.
