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$4,235,000 Acquisition & CapEx Financing
Santa Barbara, CA | March 2019
Thorofare Capital has funded a $4,235,000 short-term bridge loan for the acquisition and repositioning of a 12,980 SF property, commonly known as 16 Mission Street. The mixed-use project will have 17 residential units and two office suites.
The value-add project is in the Oak Park neighborhood of Santa Barbara, immediately northwest of the city’s downtown. Mission Studios sits only one block from the world-renowned shops and restaurants of State Street.
The non-recourse, fixed rate, interest-only loan carries an initial term of two years and includes a future funding renovation facility for the planned capital improvements.
The sponsor is a privately-held, Southern California-based real estate investor and owner-operator.