Thorofare Capital has provided a $26,880,000 floating-rate senior bridge loan to finance the acquisition and repositioning of Glendale Retail Center, a multi-tenant neighborhood retail property with an adjacent single-family residence located in Glendale, California. The property totals approximately 52,500 square feet and was 76.5% leased at closing.

The business plan includes targeted leasing, selective tenant re-merchandising, and site improvements designed to enhance tenant mix and drive rental growth. Near-term lease rollover provides flexibility to re-lease space at market rates while maintaining interim cash flow.

Loan proceeds were used to acquire the property, fund reserves, establish tenant improvement and leasing holdbacks, provide for a tenant buyout reserve, and cover closing costs. The loan carries a 30-month initial term with one 12-month extension option, providing time to execute the repositioning strategy and pursue a stabilized refinancing.

The sponsor is a private real estate investor executing a long-term hold strategy, with plans to refinance the bridge loan upon stabilization following lease-up and repositioning of the property.