National scope. Local knowledge.
Beverly Hills Portfolio
$23,800,000 Acquisition Financing
Beverly Hills, CA | March 2020
Thorofare Capital has funded an Opportunistic, Short-term Bridge Loan for the acquisition of the Beverly Hills Portfolio. Thorofare mobilized quickly to step in as a reliable financing source after another lender was sidelined due to volatility in the capital markets.
The properties include 415 North Camden Drive, a 17,936-square-foot, two-story mixed-use building in the renowned Beverly Hills Golden Triangle, situated between Rodeo Drive and Bedford Drive. The tenant mix at 415 North Camden include mainly medical offices and traditional professional services office suites, with one retail store. The second property includes a 10,884-square-foot medical office building, located at 152-160 South Lasky Drive, adjacent to the Lasky Hotel development across the street from the Peninsula Hotel.
The properties were over 90% occupied at the time of closing, with diversified rent rolls consisting of 35 tenants. The floating rate, interest‐only loan has a 12‐month initial term allows for flexibility on early prepayment.
The local sponsor is a private investor focused on opportunistic and value-add acquisitions, property management and development in high barrier-to-entry, supply-constrained sub markets of Los Angeles.