National scope. Local knowledge.
11th Street Retail
Los Angeles, CA | March 2010
Thorofare Capital has funded $4,600,000 in acquisition financing for a 12,803 square foot, fully-leased, multi-tenant building on a 0.35 acre lot in the highly desirable Fashion District of Downtown Los Angeles. The borrower opportunistically purchased a $5.7M Union Bank of California note for $3.5M with the intent of foreclosing on the asset and adding it to their portfolio of approximately 1,000,000 sq. ft of retail and office properties in Downtown Los Angeles. The borrower needed Thorofare to perform within five business days and could not rely on traditional financing. Thorofare took an actual assignment of the $5.7M note as collateral.