Thorofare Capital has funded a $16,280,000 medium-term whole loan for the acquisition, renovation, and lease-up of Albemarle Point Center, an 84,468 SF office property located in Charleston, South Carolina.

The non-recourse, interest-only loan was priced at a competitive spread over the 30-day LIBOR and carries a total term of five years, if fully extended.

Albemarle Point Center consists of two Class A office buildings totaling 84,468 SF. One of the buildings is a 73,356 SF, four-story building built in 1999, that was 100% occupied at the time of close. The second building is a 11,112 SF one-story, flex/office building built in 1960, and renovated in 1999.

The sponsor is a full service commercial real estate firm specializing in the development, acquisition, management and leasing of medical office properties in the Southeastern region of the United States.