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San Diego Portfolio
San Diego, CA | January 2019
Thorofare Capital has funded a $7,000,000 short-term bridge loan to refinance a portfolio of three assets that include a creative office property on 5th Avenue in the Hillcrest sub-market, and two multifamily properties on Cedar Street in the Park West sub-market, of San Diego, California.
The transaction closed in less than 30 days from application to funding, in order to meet a deadline for the sponsor’s acquisition of another asset (using proceeds from this refinance to do so).
The nine-month portfolio loan includes a very flexible prepayment structure for the imminent sale of the creative office property, and floats over the 1-month LIBOR index with an interest-only, non-recourse feature. The loan carries a competitive interest rate and was arranged by a national brokerage firm.
The sponsor is a San Diego-based, full-service real estate development company that has invested in multifamily, residential and numerous commercial projects throughout Southern California.