Thorofare Capital has provided a $35,000,000 senior mortgage bridge loan to facilitate the acquisition and repositioning of Plaza Del Mar, a 124,525 square foot Class B office campus located at 12520 & 12526 High Bluff Drive in San Diego, California.

The three-story, two-building office park is situated in the Del Mar Heights submarket and is within walking distance to One Paseo and Del Mar Highlands Town Center. At closing, the property was approximately 60% leased with near-term rollover, creating an opportunity to execute a mark-to-market lease-up and repositioning strategy.

Loan proceeds were used to acquire the asset, fund reserves, implement a capital improvement plan, and fund leasing costs. The business plan includes upgrades to common areas, amenity enhancements, and the creation of move-in ready spec suites to accelerate leasing velocity.

The floating-rate, interest-only bridge loan provides the sponsor with time and flexibility to renovate and re-lease the asset to stabilization. Upon completion of the business plan, the sponsor will either pursue a sale or refinance strategy.

The sponsor is a joint venture with experience in acquiring and repositioning office and mixed-use assets.