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Follow on Google News | Thorofare Capital Provides $7.7 Million Loan to Finance Acquisition of Austin-Area Shopping CenterBy: Thorofare Capital The sponsor, a Virginia-based private investor with a long history of value-add retail and multifamily projects throughout Texas, acquired the property in a marketed transaction for $131/SF, representing a going-in cap rate of 9.5%, according to Thorofare’s Executive Vice President of Origination, Felix Gutnikov. The non-recourse, interest-only financing structure carries an initial term of two years with multiple extension options, and was sized to 75% of stabilized value. The financing includes an approximately $1.5 million “earn-out” Thorofare closed the transaction in just three weeks from application to meet the sponsor’s impending 1031 exchange deadline. Pflugerville West Shopping Center, which was originally constructed in 1998 and expanded in 2006, is currently shadow-anchored by Cinemark, the third largest motion picture theatre circuit in the country. The property was 89% occupied by nine tenants at the time of closing. The center is anchored by Ashley Furniture® Homestore, which occupies approximately y 58.0% of the net rentable square footage. The loan represents Thorofare’s sixth investment in Texas, and was funded out of its recently announced floating rate bridge program. About Thorofare Los Angeles-based Thorofare Capital, Inc. (“Thorofare”) This communication is for informational purposes only and intended for our non-advisory loan origination and servicing clients only. As such, nothing herein is an offer or solicitation for the purchase or sale of any security, may not be relied upon in connection therewith, and is qualified in its entirety by any related Private Placement Memorandum and Partnership Agreement. An investment in a private real estate fund involves a substantial degree of risk and investors could lose some or all of their investment. SEC registration does not imply any particular level of skill. End
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