National scope. Local knowledge.
$26,000,000 Post-Acquisition Financing
El Segundo, CA | June 2020
Thorofare Capital has funded an Opportunistic, Short-term Bridge Loan for a two-building, 200,220 SF R&D/office complex in El Segundo, CA.
The asset was purchased in an all-cash transaction in July 2019. Due to the impacts to the capital markets from the global COVID-19 pandemic, the sponsor encountered delays in securing attractive senior financing from conventional banks and securitized-loan originators. Thorofare was able to provide a swift debt solution at attractive terms with flexibility tailoring to the sponsors future re-development plans.
At the time of loan closing, the property was 100%-leased to a NYSE-listed, global aerospace company that has a near-term lease expiration. The sponsor plans to substantially reposition the asset in the future then re-introduce the space to the market in order to capture the strong demand from a myriad of users seeking large-plate space with freeway signage availability.
The Properties are located along Pacific Coast Highway, a major thoroughfare within the City of El Segundo. The Properties are located 1.5-miles from Los Angeles International Airport (LAX) and are well served by several freeway and primary/secondary highways connecting all parts of the Greater Los Angeles Area.
The sponsor is joint venture between a local experienced developer and a European family office with extensive experience owning and operating commercial, residential and hospitality assets globally.