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$2,550,000 Bridge Loan
Temecula, CA | June 2011
Thorofare Capital funded a $2,550,000 Bridge Loan for the Refinance of a Sub-Performing Senior Debt Facility Secured by a Business Complex in Temecula, California.
The subject property is a 1993-built Business Complex located at 27570-76 Jefferson Court in Temecula, California. The senior loan secured by the Property had reached a maturity default. The Property consists of 3 contiguous, Office/Flex buildings with a portion of the rentable area used as retail space. The multi-tenant, mixed-use Property was 71% leased to 31 tenants at the time of closing and generated substantial cash flow.
This is an occasion for the new loan to have a very low basis considering the in-place cash flow and still there remains significant upside through lease up and continuous efficient management. Our business plan, proven effective here, is to aid borrowers with quality properties that are undergoing a state of financial transition,” said Brendan W. Miller, co-President of Thorofare.