Thorofare Capital has provided a $26,900,000 first mortgage bridge loan to facilitate the cash-in refinance of University Village Riverside, a 180,126 square foot mixed-use retail and office center located at 1201 University Avenue in Riverside, California.

Built between 1990 and 2007, the property consists of three two-story multi-tenant retail buildings and one single-story retail building totaling 123,892 square feet of retail space and 56,234 square feet of office space. The center is located approximately 0.2 miles from the University of California, Riverside, which has enrollment of more than 27,000 students. The site includes surface parking and a structured garage.

Loan proceeds were used to refinance the existing loan and provide capital to support ongoing lease-up efforts. The loan structure includes a TI and leasing reserve to facilitate re-tenanting of the vacant anchor space. The floating-rate, interest-only bridge loan provides runway for the sponsor to execute its business plan and pursue a stabilized refinance.

The sponsor is an experienced owner-operator with a history of investing in and managing retail properties across Southern California.