National scope. Local knowledge.
Newport Beach, CA | October 2019
Thorofare Capital has funded a $16,800,000 short-term bridge loan for the refinancing of Newport Crossings. The transaction closed in under 30 days from application to funding.
The +/-5.6-acre site is currently improved with four, one-level commercial structures with a total building area of 56,973 SF. The development site is entitled for 350 multifamily units and 7,500 SF of retail space.
Thorofare was attracted to this rare opportunity given the high barriers to entry in Newport Beach, as there are only two other approved multifamily land sites in the market. The other two sites, Uptown Newport Phase II and Koll Center Residences, are both anticipated to be for-sale condominium projects.
The Sponsor is a Orange County-based private real estate development and investment firm that focuses on the acquisition of industrial and multifamily assets in core West Coast markets.