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La Brea Mixed-Use
Los Angeles, CA | June 2011
Thorofare Capital has funded $700,000 for the refinance of a 15,657 RSF, mixed-use building containing a popular night club (Leonardo’s), a Mexican restaurant (Candela’s) and five for rent apartment units.
The borrower’s loan has matured resulting in a “Term” default although all payments are current. The borrower’s existing lender is unable to extend its loan and the borrower does not have enough time to seek traditional financing creating the need for a bridge loan. The property is currently generating $245,000 in annual NOI and the loan is being personally guaranteed by the borrower. In addition to the primary collateral, and the personal guarantee, the borrower has agreed to allow Thorofare Capital to cross collateralize two, eight unit apartment buildings located at 8407-11 S. Main Street in Los Angeles. Based on the current NOI in place, the debt coverage ratio for the primary collateral is 3.13.