Thor Equities lands pair of loans for Fulton Market projects

One of the loans is for a full-block assemblage at Fulton and Halsted
By Scott Klocksin | April 06, 2018 10:00AM

Renderings of 816 West Fulton Market and Thor’s Joseph Sitt

Thor Equities is financing its push to expand in Fulton Market with a pair of new loans totaling $50 million.

Centennial Bank issued a $19.3 million loan to the New York-based developer for a block of properties at the gateway to the booming neighborhood at Halsted and Fulton streets.

Thor’s $12 million purchase last month of the the former Isaacson & Stein fish buildings at 800-810 West Fulton Street followed a $36 million deal in 2016 to buy the buildings next door at 816-820 West Fulton.

Thor also took out a $30.6 million loan from Centennial Bank for 216-222 North Peoria Street, a few blocks away. The company is marketing the historic 41,000-square-foot building for retail and office use.

The mortgages were both secured on March 29th, according to county records.

Thor also owns 942 West Fulton Market, which its website describes as a 16,000-square-foot building that can accommodate retail space on the ground floor and office space on the upper floors.

The developer was also working on a deal to buy 900-914 and 911-923 West Fulton Market from a food wholesaler but that deal fell apart last year, according to Crain’s. Those two properties, which total more than 57,000 square feet, are back on the market for a combined total of nearly $35 million.

Thor is a privately held real estate firm founded in 1986 by Brooklyn native Joseph Sitt. It invests in assets in the United States, Europe and Latin America with a focus on retail in major cities.

In New York, it is known for its ownership and redevelopment of scores of retail properties in major shopping districts and corridors.