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Harvest Retail Portfolio
$6,500,000 Refinance & TI/LC Financing
Santa Monica, CA | Gainesville, FL | October 2019
Thorofare Capital has funded a $6,500,000 portfolio loan for the refinancing and lease-up of two cross-collateralized retail assets in Santa Monica, California and Gainesville, Florida. One of the properties is a 91% occupied, 13,118 SF retail center with a diverse tenant mix, including Chipotle, while other property is a stand-alone 3,250 SF, 72% occupied building. Proceeds from the financing were used to leverage the unencumbered properties and to cover the lease-up costs.
The Santa Monica property benefits from excellent frontage, access, and visibility from Wilshire Boulevard. The Wilshire Corridor is a heavily developed commercial district, and this property is in the path of growth with mixed-use/residential redevelopment over the long term. The Gainesville property, built in 2006, is located in a retail market that benefits from a vacancy of under 2% for the last three years. The South Gainesville site is within just two miles of the University of Florida campus.
The 18-month, fixed-rate, interest-only rate financing was competitively priced and closed in under 30 days from signed loan application to funding.
The sponsor is a company that is publicly-traded on the Canadian stock exchange and owns a variety of retail and industrial properties across the country, where its business primary is also an affiliated tenant.