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The Spreckels Building
$18,000,000 Acquisition Financing
San Diego, CA | April 2021
Thorofare Capital has funded an $18,000,000 bridge loan for the acquisition of The Spreckels Building, a mixed-use property that includes office, retail and theatre uses.
Built in 1912, the historic property is located at 121 Broadway in the heart of the Gaslamp Quarter. With its architectural significance, the 217,173 SF building is situated on a 1.08-acre site and includes 134 parking spaces.
At the time of loan origination, the property was 19.5-occuppied by 45 tenants.
The Spreckels Building is well located in Downtown San Diego with access to over 100 restaurants, bars and live entertainment venues. The Property has a walk-score rating of 99, a transit score of 84, and a bike score of 91.
The Property is located along Broadway Circle, which is a major thoroughfare providing North/South access through Downtown San Diego. The Property also benefits from being located 1.5 blocks away from the Orange and Blue lines which provide interconnectivity throughout Downtown San Diego and to the San Diego International Airport.
Post-acquisition, the Sponsors plan on working through project soft costs and pre-development work in preparations for a larger renovation facility to take out subject bridge loan.
The non-recourse, interest-only bridge loan carries an initial term of 18 months and includes two additional performance-based extension options.
The sponsor is a joint venture of an NYC-based, institutionally-backed investment manager and an NYC-based, privately-held multiple family investment office.