Thorofare Capital has funded a $3,100,000 bridge loan for a Los Angeles-based sponsors acquisition, renovation, and lease-up of Westridge Park Plaza, a 58,670 sq./ft. retail property located in Phoenix, Arizona. The seller of the property originally purchased the shopping center from an FDIC pool consisting of $1.5 billion of assets. Under prior management, the center suffered from absentee ownership that harvested cash flow and no capital was contributed to maintain the asset.

Westridge Park Plaza was constructed in 1985 and consists of 17 suites ranging in size from 600 SF to 15,000 SF and four off-parcel sites. In addition, the center is shadow anchored by two charter schools, Acclaim Academy and Premier High School. The Property is currently 79.5% occupied with 12,050 SF of vacancy available for lease up. All tenants are on NNN leases and additional reimbursements are contributed by the off-parcel tenants. The property produces strong cash flow, which sufficiently covers Thorofare’s debt service.

The sponsor is a privately held real estate development and property management firm, which has been in business since 1985. The firm currently manages over two million square feet in office and retail assets throughout the nation. Through their subsidiary, the firm has acquired over $2 billion in assets and raised over $1 billion in equity for commercial real estate investments. With Thorofare’s financing, the experienced sponsor secured an off-market opportunity to acquire a cash-flowing asset at well below replacement cost and capitalize on substantial upside through capital improvements, leasing of vacant space, and hands on management to control costs.