National scope. Local knowledge.
Venice, CA | Los Angeles, CA | Santa Ana, CA | San Diego, CA | Las Vegas, NV | West Palm Beach, FL | November 2020
Thorofare Capital has funded a $14.94 million portfolio loan for the refinance of eight single-tenant-net-leased (STNL) properties in California, Nevada and Florida. The property types include retail, office, industrial and commercial land.
The well-located properties are in sub-markets that include West Palm Beach, Las Vegas’ Arts District, West Hollywood, Venice and San Diego’s Kearny Mesa.
The sub-50% LTV, two-year loan includes two extension options and was utilized by the REIT sponsor to repay bank line of credit. The creatively-structured facility includes partial release pricing and a flexible prepayment window.
The sponsor is a Chicago-based REIT focused on acquisition, ownership and management of specialized retail and industrial assets across the U.S.