Thorofare Capital has funded a $14,350,000 bridge loan for the acquisition of a 434,000 sq./ft. regional mall in Sacramento, California. The financing structure includes a significant budget for capital expenditures supporting the San Francisco-based sponsors’ plan of repositioning the property. Thorofare provided a competitive advance rate for the acquisition and renovation of the property as well as a ‘good-news’ facility for tenant improvements and leasing commissions associated with re-tenanting a former Gottschalk’s anchor space with a privately-held, major supermarket chain.

The center is in an infill location characterized by high traffic counts (79,000 cars per day), low retail vacancy in surrounding centers (9%), and attractive demographics (126,000 people within a 3 mile radius with an average household income of $71,303). The prospects for repositioning the center are attractive to the new owners who are experienced shopping center investors and have repositioned a similar center in Sacramento. Originally built in 1968, Country Club Plaza sits on 14.17 acres and is located between I-80 and Hwy 50 at Watt Avenue and El Camino, the main intersection of central Sacramento. Notable tenants in Country Club Plaza include: Macy’s (157,000 sf, not collateral for the loan), Ross Inc. (29,600 sf), Office Depot (7,400 sf), Off Broadway Shoes (32,000 sf), and Sport Chalet (40,600 sf).

In addition to bringing in the new grocer anchor tenant, the sponsorship is currently negotiating with larger, credit tenants to boost occupancy and improve property cash flow. Negotiations are presently underway with regional fitness center operators, movie theater chains, and major discount retailers. Thorofare’s competitive advance rate, unparalleled certainty of execution, and timely funding enabled the experienced sponsorship to opportunistically acquire the property and commence its value-add business plan.