Thorofare Capital has funded an $8,000,000 short-term bridge loan for the acquisition of a 15,796-square foot specialty-use property in the Koreatown District of Los Angeles, CA.

The Borrower intends to redevelop the site with a mixed-use multifamily and retail project located three blocks from Wilshire Plaza. This transaction was closed in 19 days from application.

The non-recourse loan, which carries a total term of two years including extension options, was priced at a competitive spread over the 30-day LIBOR.

The Sponsor is a Canada based institutional-like developer, having built in excess of 500 units and 2,000,000 square feet of Class A, luxury multifamily properties.