National scope. Local knowledge.
San Diego, CA | December 2020
Thorofare Capital has funded a $13.75 million bridge loan for the refinance of Nimitz Crossing, a mixed-use project including luxury apartments and ground-level retail suites.
The property was delivered just weeks before the closing of the refinance, which paid off the bank construction loan.
The financing included a CapEx Holdback that will cover the cost to lease the commercial ground floor suites and convert a portion of the retail space to additional residential units. The Sponsor pre-leased nearly 50% of the residential units prior to loan closing.
Given the transitional aspect of the lease-up and partial conversion, the loan included interest and shortfall reserves to carry the business plan through the expected stabilization. Thorofare provided a limited-recourse, interest-only loan with an initial term of 18 months with an extension option.
The sponsor is a San Diego-based private investment group with a focus on developing, construction and management of multifamily and mixed-use assets across San Diego county.