National scope. Local knowledge.
Malibu, CA | October 2018
Thorofare Capital has funded a $5,900,000 short-term loan for the refinance of a 15,967 SF boutique, mixed-use, two-story property located at the corner of Pacific Coast Highway and Kanan-Dume Road in Malibu, California.
At the time of closing, the building was 85% occupied by two tenants. The sponsor sought a quick-closing due to a maturing bank loan.
Thorofare provided a one-year, floating rate interest-only loan with a flexible prepayment solution to accommodate the sponsor’s business plan of a near-term sale.
The sponsor, a repeat client of Thorofare’s, is a Los Angeles-based private equity investment company which acquires opportunistic real estate investments that need moderate to heavy rehab on a mid to long term investment horizon.