Thorofare Capital has provided $1,500,000 note acquisition financing to a Los Angeles-based opportunistic sponsor for its acquisition of a matured senior mortgage loan. The mortgage is secured by a 71,153 square foot grocery-anchored shopping center, commonly known as South Monroe Commons. Auction.com facilitated the note sale for special servicer CWCapital Asset Management, LLC.

The underlying note was originated for the acquisition of the property in 2002. The underlying note carried an original balance of $5,200,000 and was securitized by a Wall Street conduit.

The underlying subject property consists of a one-story shopping center that contains 71,153 square feet of rentable area. The improvements were completed in 1998 and are in good condition. The property is currently 78.11% occupied by four tenants. It is a neighborhood shopping center located on Tallahassee’s south side. The center’s anchor tenant is Winn Dixie, a regional grocer. The property also benefits from the draw of an adjacent CVS drug store.

The experienced sponsor engages in acquisition, development, and management of real estate, primarily multifamily housing and shopping centers. Since its inception, the sponsor has purchased, rehabilitated, and sold more than 30 value-add properties and non-performing loans. The sponsor’s current commercial real estate portfolio includes more than 700 residential units and more than 500,000 square feet of retail, mixed-use property, and land.

Thorofare engaged with the sponsor prior to the auction, allowing for a streamlined process, which resulted in a closing that occurred inside of 10 days from loan application.