Thorofare Capital has funded a $12,215,000 short-term bridge loan for the acquisition and renovation of a 58-unit mixed-use multifamily and retail property located one block from Pike Place Market in Seattle, WA.

The Sponsor plans to upgrade the unit interiors, while building out amenities to enhance the lifestyle experience of the tenants.

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 Los Angeles based owner-operator, with over 20 years of experience, that manages a commercial real estate portfolio more than $300,000,000 in market value.