Thorofare Capital has funded a Core+, Institutional Loan for a 55,926 SF mixed‐use (office and retail) portfolio located in the East sub-market of Austin, Texas. The portfolio was 88.0% leased to 16 tenants at the time of closing. The sponsor acquired the portfolio in an off-market transaction from an institutional Australian real estate fund manager.

The East Austin submarket has become an emerging node for creative office and retail, particularly along Cesar Chavez Street. Nearby developments are driving interest to the area including Plaza Saltillo, a 10‐acre development in East Austin comprising 110,000 square feet of retail anchored by Whole Foods and 150,000 square feet of office space that is fully pre‐leased to Google. Additionally, Oracle recently opened a new 40‐acre campus in East Austin that is projected to employ 10,000 people.

The floating‐rate, interest‐only loan has a 48‐month initial term and accrues interest at a competitive spread over LIBOR. Thorofare was able to close the loan in under 30 days to accommodate the expediated PSA timeline.

The sponsor, a repeat client of the firm, is a Los Angeles-based real estate operating company with a focus on urban properties in high growth markets within the Western U.S.