Thorofare Capital has funded a $3,900,000 Discounted Payoff for an Anchored Shopping Center in Central California. Thorofare financed approximately 73% of the discounted payoff (“DPO”) amount resulting in a significant short-pay opportunity for the sponsor.

A national mortgage-banking firm arranged the financing on behalf of its client, a privately held real estate investment and management company. The sponsor has developed and purchased more than 3 million square feet of commercial property in the last 15 years, with a focus on retail shopping centers and office developments.

The Rite Aid-anchored Property is a multi-tenant retail center with a total of 98,520 rentable square feet. The Property is currently 82.5% leased to 15 tenants. Rite-Aid has reported strong sales growth at this location due to lack of competition in the immediate area..

Brendan W. Miller, Thorofare’s Co-President commented, “Although we are seeing a rebound in the debt capital markets, we believe there is significant opportunity to help real estate investors capture discounted payoff opportunities on matured CMBS loans and other over-leveraged assets ”