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The St. Charles
$9,600,000 Acquisition & CapEx Financing
Los Angeles, CA | August 2018
Thorofare Capital has funded a $9,600,000 intermediate-term whole loan for the acquisition and repositioning of a 54-unit mixed-use property re-branded as The St. Charles.
The asset is located on Western Avenue in the Koreatown neighborhood of Los Angeles, CA. Built in 1925 and partially renovated in 2017, the St. Charles is improved with 7,213 SF of ground floor retail and was 71% leased at the time of closing.
The financing structure includes a future funding component which will be used to cure deferred maintenance, improve the common areas, renovate unit interiors and convert 46 rent stabilized units to market rate units.
The floating rate, non-recourse, interest-only loan carries a total term of five years, including extensions. The Sponsor is a Southern California-based family office focused on value-add real estate investments in the Western U.S.