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Harbor Medical Plaza
$20,100,000 Refinance; Completion + TI/LC Financing
Orange County, CA | October 2019
Thorofare Capital has funded a $20,100,000 short-term bridge loan for the refinancing and completion of Harbor Medical Plaza. The property is a 29,991 SF class “A” medical office project in located in Orange County, California. The transaction closed in less than 20 days from signed loan application to funding. Proceeds from the financing were used to pay off the original bank construction loan, fund the project’s completion budget and cover the lease-up costs.
Thorofare was selected as the most suitable lender for this transaction due to the firm’s ability to navigate quickly through the completion cost review and flexibility with structuring around the future funding of the TIs/LCs, which will support the strong pre-leasing activity from medical tenants.
The 18-month, fixed-rate, interest-only rate financing was competitively priced and includes an accretive structure, together with $8.5 million reserved for CapEx, TIs and LCs, which was custom-tailored to support the sponsor’s business plan.
The sponsor is an Orange County-based private investor that assembled the site over the course of nearly a decade.