Arrow Real Estate Advisors closes $38.74 million in permanent financing for dual truck stop and travel center portfolio

Paulsboro, NJ Arrow Real Estate Advisors arranged $38.74 million in permanent financing on behalf of Good Investment Partners for a two-property truck stop and travel center portfolio located at 171 Berkley Rd. in Paulsboro, N.J., and 8018 US Hwy. 93 North in Missoula, Montana.

The financing was placed with a life company lender and was led by Morris Betesh, founder and managing partner, Justin Boruchov, managing director; and Louis Halperin, associate.

“It was a pleasure working with Good Investment Partners to help them identify a lender aligned with their evolving investment thesis,” said Betesh. “GIP is an active acquirer of truck stops and travel centers with over $87 million invested across this space over the last six months, and we’re proud to have helped them establish a long-term lending relationship that will support the continued growth of their platform.”

The portfolio consists of specialty-use truck stop/IOS assets totaling 54.8 acres.

The transaction presented several structuring complexities, primarily stemming from the specialty nature of truck stop and travel center assets. Identifying a lender that understood both the operational dynamics and the underlying real estate value, particularly as an industrial outdoor storage (IOS) play was essential to executing the financing.
Arrow Real Estate Advisors sourced a life company lender with direct experience in the sector. The lender’s familiarity with similar assets allowed for a swift understanding of the business plan and strong comfort with the credit profile. The fact that both properties have historically operated as TravelCenters of America locations further supported the underwritting.