Thorofare Capital Finances Purchase of Creative Office Building in Chicago's Fulton Market District

CHICAGO - Feb. 25, 2015 - PRLog -- Los Angeles-based Thorofare Capital has funded a $5,361,000 bridge loan for Cedar Street Capital’s acquisition of 1144 West Fulton Market Street in the Fulton Market district of Chicago, Illinois.  1144 West Fulton Market is a creative office property with 32 parking lot spaces located at 351 North May Street. The “stretch” senior financing, provided by Thorofare, included a $4,557,000 A-note, and an $804,000 B-note which represents nearly 80% of the total capital stack.  Thorofare closed the loan in just two weeks from application to meet a time of essence closing requirement for the sponsor.

Situated in heart of the Fulton Market district of Chicago, 1144 West Fulton is an approximate 27,689 gross SF loft building originally built in the mid-1920s as an egg distributorship. The property is located on Fulton Street between May Street and Racine Avenue in the heart of the Fulton Market / West Loop submarket. After many years and several uses, the building was purchased in 1995 by the Seller. Both the interior and exterior of the building were completely renovated including a new roof, extensive masonry work, floor repair, new mechanicals, elevator and stairwell installation as well as the build-out of all the commercial spaces.

The property is currently 78.5% occupied. The financing included  capital expenditure and leasing earn-outs in order to capitalize the Borrower’s business plan of converting the ground floor from office to retail to improve the profitability of the property and fill the retail void in the neighborhood.

Cedar Street Capital is a Chicago-based vertically integrated real estate development, investment, and management company focused on the adaptive reuse of obsolete or underperforming assets in targeted urban infill areas. The sponsor has invested in excess of $250 million of private equity capital towards Chicagoland commercial projects and conducts all of its construction, property management, and leasing efforts in-house.

Thorofare placed this loan in its Thorofare Asset Based Lending Fund III, L.P., a $250 million discretionary debt fund.

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About Thorofare Capital:

Los Angeles-based Thorofare Capital (www.thorofarecapital.com)  is an alternative investment manager focusing on originating, funding, and servicing $2 million to $25 million short-term and medium-term commercial real estate loans nationwide.  Thorofare is currently deploying capital through discretionary, closed-end debt funds and managed accounts to provide flexible financing nationwide to qualified borrowers.