National scope. Local knowledge.
Mag Mile Retail
$13,000,000 Acquisition, CapEx + TIs/LCs Facility
Chicago, IL | November 2018
Thorofare Capital has funded a $13,000,000 Intermediate Term Whole Loan for the acquisition, renovation and lease-up of 110 East Pearson Street, a 9,000-square-foot vacant retail property in the heart of the Magnificent Mile section Chicago.
Thorofare provided a competitively-priced 5-year, floating rate, non-recourse, interest-only loan features a competitive leverage level with flexibility for future capital expense funding. The Sponsor intends to utilize the future funding facility to capitalize the re-tenanting business plan, lease up the available space and implement significant capital improvements.
The sponsor is a Florida-based, vertically integrated private equity real estate firm focused on investing in retail real estate assets across the risk spectrum in major markets within the United States.
Located directly north of the historic Chicago Water Tower and a half a block west of Michigan Avenue, the 10,051 square foot street-level retail property at 110 E. Pearson Street is situated at the epicenter of the world-renowned Magnificent Mile shopping district in Chicago’s Near North Side. Approximately 30 million people visit Michigan Avenue annually, and approximately 100,000 people live within a 1-mile radius.