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11/10/15
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A partnership between Cadence Capital Investment and Oakwood Real Estate Partners recently acquired a 12.5k sf retail property located near The Grove on Beverly Blvd in Los Angeles, in an off-market transaction. The purchase was funded with a $7.8 mil, fixed-rate bridge loan provided by Thorofare Capital.
The property is located in a prime retail location in close proximity to The Grove, a major retail and entertainment complex on Beverly Blvd, near the intersection of 3rd St and Fairfax Ave. It is situated south of West Hollywood, east of Beverly Hills and north of the Mid-City Wilshire Corridor.
The property was 56% percent leased at closing. The borrower plans to perform a full repositioning of the property, to attract high-rent retail and restaurant tenants and capitalize on the strong sub-market fundamentals
During the life of the one-year, interest-only loan, the partnership will engage in permitting and preleasing efforts before arranging financing to take-out Thorofare and fund the re-development. Thorofare was able to create a highly structured, “stretch” senior financing and underwrite the re-development plan rapidly in order to close the loan in less than 30 days from application.
The financing was bifurcated into an A Note and B Note, with the A note representing 68% of the combined 80% LTV. Thorofare participated with a New York-based private investment firm that purchased the B Note at closing.
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