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Arboretum Crossing

$32,000,000 Acquisition, CapEx & TI/LC Financing

Austin, TX | February 2019

Thorofare Capital has funded a $32,000,000 short-term bridge loan for the acquisition, renovation and re-tenanting of a 191,760 SF retail and mixed-use property, commonly known as Arboretum Crossing.

The transaction closed in just 10 business days, which allowed the sponsor to acquire the property in an off-market transaction from a publicly-traded REIT.

Arboretum Crossing includes multi-tenant retail, medical office and show-room space on a site which also provides for future re-development opportunities and includes a diverse roster of national, regional and local commercial tenants.

The property in Austin, is located less than 2.5 miles from The Domain, a multi-million SF “Live Work Play” community featuring restaurants and retailers. The development spans over 300 acres, and once fully developed, will consist of 5,000 residential units, 3.5 million SF of office, and over 2 million SF of retail space. The development attracted employers such as Amazon, HomeAway and Atkins.

The non-recourse, floating rate, interest-only loan was creatively structured with a “good news” future funding facility, towards accretive leasing initiatives, and includes a flexible prepayment period.

The sponsor is a privately-held, Austin-based real estate developer, investor and owner-operator with a vast portfolio of opportunistic, value-add and core-plus assets throughout the U.S.