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Old Town MXU
$8,000,000 Refinance & TI/LC Financing
Pasadena, CA | October 2019
Thorofare Capital has funded an $8,000,000 short-term bridge loan for the refinancing, renovation and lease-up of Old Town MXU. The property is a 16,197 SF mixed-use building in located in the heart of the Old Town corridor of Pasadena, CA. The transaction closed in less than 30 days from signed loan application to funding.
Proceeds from the financing were used to pay off the existing bank loan, fund the project’s renovation budget and cover the lease-up costs to increase occupancy up from 71% at the time of closing. The Property boasts a walk score of 97 out of 100, with over 150 retailers located within a 1‐mile radius.
Additionally, the Property is located ~2.5 blocks from the Metro Gold Line at Memorial Park, which provides interconnectivity between Pasadena, San Fernando Valley, San Gabriel Valley, Santa Monica and Downtown Los Angeles. The two year, fixed-rate, interest-only rate financing was competitively priced and includes an accretive structure, together with $2.57 million reserved for CapEx, TIs and LCs, which was custom-tailored to support the sponsor’s business plan.
The sponsor is an Los Angeles-based private investor that focuses on urban, mixed-use and hospitality projects in supply-constrained neighborhoods of Los Angeles.