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Gateway and Commerce Center

Gateway and Commerce Center

$20,500,000 Refinance

Orlando, FL | November 2023

Thorofare Capital has provided a $30,000,000 floating-rate senior loan for the construction completion of Link NoDa Phase II, a 242-unit apartment community located in the North Davidson (NoDa) community of Charlotte.

The project is a Class A, transit-oriented multifamily complex. Community amenities include a clubhouse, resort style pool with sun deck, courtyards with fire pits, grilling stations, 24-hour fitness center, cycle room, yoga studio, pet spa, dog run, conference room, meeting center, and co-working spaces. Unit amenities include 9 ft ceilings, stainless steel appliances, granite or quartz countertops, designer cabinetry, hardwood inspired floors, walk-in closets, washer & dyer in units, programmable thermostats, and patio/balconies.

The property is adjacent to the 36th Street Lynx light rail station and within walking distance of downtown NoDa, offering tenants access to various retail, restaurant, and nightlife venues. Additionally, multiple Fortune 500 companies are headquartered in Charlotte due to its strategic location and transportation infrastructure.

The loan carries an initial term of 30 months with one conditional extension option. Thorofare worked in tandem with an institutionally-backed mezzanine lender, who closed its subordinate simultaneously with the senior loan provided by Thorofare.

The sponsor is a vertically integrated commercial real estate company with over 8,000 units either constructed or completed. Based in Charlotte with additional offices across North Carolina and California.

Thorofare Capital has provided a $20,500,000 floating-rate senior loan for the refinance of Gateway Commerce Center, a 254,775 SF master-planned business park situated on 17.5 acres.

The Gateway Business Park consists of 2 two-story commercial buildings totaling 116,442 SF; Commerce Point consists of 7 single-story flex warehouse buildings totaling 138,333 SF. The Property includes 4.1 per 1,000 SF of ample parking.

The Property is located within 6 miles of Downtown Orlando, 10 minutes from Orlando International Airport, and is directly proximate to Florida Mall, a 1.7 million square foot regional mall offering a variety of retail and food beverage options. Subject property is situated in Orange County, which has an 8.1% vacancy rate and year-over-year rent growth of 12.3%.

The interest-only, structured whole loan has an initial term of 18 months, with two additional 6-month extension options. This transaction was part of a larger $215 million capitalization project encompassing 6 assets across Florida and Texas and involved a mezzanine lender as well as an institutional joint venture equity capital partner closing simultaneously with the senior loan from Thorofare.

The sponsor is a Florida-based vertically integrated real estate owner and operator focused on industrial and storage, with a portfolio spanning 3 million square feet.