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Venice Windward MXU
$5,750,000 Acquisition, CapEx & TI/LC Financing
Venice, CA | May 2019
Thorofare Capital has funded a $5,750,000 intermediate-term whole loan for the acquisition, renovation and re-tenanting of a two-story, 7,471 SF mixed-use building in Venice, California.
The property is located immediately off of the main Venice Beach Boardwalk corridor on Windward Avenue and is adjacent to the iconic hanging “Venice” signage. Abundance of nearby F&B, hospitality and local retail amenities draws a high concentration of daily pedestrians and visitors to the property.
The interest-only, non-recourse four year loan is structured to support a renovation and repositioning strategy in order to maximize profitability by raising rents to market and re-introducing the building to an upgraded tenant base.
The sponsor is a Los Angeles-based private investor focused on commercial real estate development and opportunistic acquisitions within supply-constrained west coast markets.