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$5,000,000 Acquisition Financing
Los Angeles, CA | December 2019
Thorofare Capital has funded a short-term bridge loan for Shatto Place, a 27,843 SF office building located in the Koreatown neighborhood of Los Angeles. The property is adjacent to a site that the sponsor owns, resulting in an assemblage for future re-development.
The transaction was structured as a sale leaseback with the seller, a GSA that will remain as a short-term tenant in the property.
The fixed‐rate, interest‐only loan has a one year initial term and features a very flexible prepayment structure. Thorofare was able to close the loan in under 30 days to accommodate the expediated PSA timeline.
The Vancouver-based sponsor is a real estate development company that is a repeat client of Thorofare Capital.