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Huntington Harbour Executive Center
$7,393,000 Acquisition, CapEx, & TI/LC Financing
Huntington Beach, CA | October 2018
Thorofare Capital has funded a $7,393,0000 short-term bridge loan for the acquisition, renovation and lease-up of a 47,488 SF office building. Thorofare closed the transaction in 22 days from application to closing, in part helping the sponsor achieve its looming 1031 exchange deadline.
The asset is located at the intersection of Warner Avenue and Bolsa Chica Street near Huntington Harbour. Built in 1977 and partially renovated in 2017, the property was 79.4% leased at the time of closing.
The financing structure includes a future funding component, which will be used to improve the common areas, renovate office suites, and fund tenant improvements, all of which will contribute to the value-add business strategy.
The floating rate, non-recourse, interest-only loan carries a total term of 24 months, including extensions. The sponsor is an Orange County, California-based private investor with a growing portfolio value-add office, retail, and industrial properties throughout the Western U.S.