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FINANCING NEWS
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Thorofare Capital Provides $5 Mil Bridge Loan for Redondo Beach Distressed Retail Buy

12/17/14

Thorofare Capital has funded a $5.04 mil bridge loan for the acquisition of Seaside Village Shopping center, a 20k sf retail property located at the intersection of Pacific Coast Highway and Vista del Porque in Redondo Beach.

The property was constructed in 2002 and is divided into suites ranging from about 1k sf to 5k sf. Seaside Village Shopping Center is part of a larger mixed-used development that includes 98 townhomes, which were not part of the transaction.

Although the property was only 54.9% occupied, or 37.6% leased excluding MTM leases, at the time of sale, the trade area’s overall occupancy rate is nearly 98%. The property was acquired at a favorable basis compared to the average weighted comparable sales basis of nearly $350/sf and presents the new owners with the opportunity to increase value through focused management and strategic leasing efforts.

The non-recourse financing, utilized by the borrower to opportunistically acquire the distressed property in an off-market transaction, carries an initial term of one year with an open pre-payment structure. Under prior ownership, the property suffered due to mismanagement and poor marketing.

The borrower intends to implement a comprehensive repositioning strategy that includes hiring a new leasing team, investing significant dollars towards capital expenditures to enhance the exterior façade and common areas. Thorofare also provided a substantial “good news” facility for tenant improvements and leasing commissions.

The borrower is a Los Angeles-based private equity investment company that acquires opportunistic real estate investments through either the purchase of the fee simple interest or by taking ownership of the asset through acquiring the nonperforming debt. The group is managed by principals whose combined experience spans over 20 years in West Coast real estate markets and in excess of $1 bil in transactions. Thorofare placed the loan in its third discretionary debt fund, Thorofare Asset Based Lending Fund III, L.P.





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