National scope. Local knowledge.
$6,500,000 Acquisition, CapEx & TI/LC Financing
Tempe, AZ | May 2019
Thorofare Capital has funded a $6,500,000 short-term bridge loan to capitalize the acquisition, conversion and lease-up of Hardy Drive in Tempe, Arizona.
The sponsor acquired the 50,366 SF vacant industrial property, from a foundation tied to ASU, and has planned an extensive re‐development project converting the historically industrial use into a modern, open‐format office building.
Hardy Drive is located in Southwest Tempe, approximately two miles from ASU’s main campus and approximately five miles from Phoenix’s Sky Harbor International, two key demand drivers for the Airport Area Submarket.
The sponsor is a joint venture between two privately‐held real estate investment and development firms that focus on adaptive reuse, value‐add and opportunistic assets in the Southwest U.S.