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Gaslamp Quarter MXU
$6,250,000 Acquisition Financing
San Diego, CA | September 2019
Thorofare Capital has funded a $6,250,000 short-term bridge loan for the acquisition of Gaslamp Quarter MXU, a four-story, 23,500 SF retail and office building in the Gaslamp Quarter of San Diego, California. The sponsor’s business plan includes converting the office space, on floors two through four, into micro-unit residential apartments.
The site is across the street from Horton Plaza Mall, which San Diego’s City Council recently approved plans for its conversion into a mixed-use “tech hub”, featuring 300,000 square feet of ground floor retail with 772,000 square feet of office above.
The 12-month, non-recourse, fixed rate loan includes an interest reserve and was utilized by the sponsor for pre-development planning before undertaking the upper floors’ conversion/renovation phase of the business plan.
The sponsor is a joint venture between a local developer and a multi-generational family office.