National scope. Local knowledge.
The Jones Building
$14,990,000 Refinance & TI/LC Financing
Silver Lake, CA | September 2019
Thorofare Capital has funded a $14,990,000 intermediate-term whole loan to refinance The Jones Building. The property is a 30,303 SF mixed-use, boutique office and retail asset located in the Silver Lake neighborhood of Los Angeles, California. Proceeds from the floating rate mortgage were used to pay off the original acquisition loan, fund the renovation completion budget and cover the lease-up costs.
The Jones Building is located along Sunset Boulevard, a major East-West arterial providing inter-connectivity between Santa Monica and East Los Angeles. The neighborhood is a well-known Eastside destination for artisanal coffee shops, vegan cafes and creative Asian eateries, as well as indie music venues, trendy bars and boutiques.
The 2-year, non-recourse, interest-only rate financing was competitively priced over the 1-month LIBOR index and includes an accretive structure, which was custom-tailored to support the sponsor’s business plan.
The sponsor, a repeat client of the firm, is a Los Angeles-based real estate operating company with a focus on urban properties in high growth markets within the Western U.S.