National scope. Local knowledge.
Miami Beach MXU
Miami, FL | October 2020
Thorofare Capital has funded an $18 million whole loan for the refinance and planned re-development of a Miami Beach mixed-use asset. The sponsor sought a balance sheet loan in order to repay existing securitized debt and prepare a portion of the project for construction of a residential building, with separate plans to later refinance the leased office building conventionally.
The well-located property consists of two parcels comprising a 6-story, 91%-leased 37,293 RSF office building, and an adjacent 0.79 acre, entitled parking lot located in the Mid-Beach neighborhood. The parking lot is entitled for proposed construction of a structured parking garage and a residential tower. Surrounding either side of the commercial corridor are residential areas consisting primarily of high-end single family homes.
Thorofare provided a one-year, interest-only loan which is supported by reserves and credit enhancements, and offers a flexible prepayment structure.
The sponsor is an local private investor with holdings in New York and Florida.