Thorofare Capital has funded a $4.43+ million fixed-rate bridge loan for the refinancing of a free-standing, single-tenant retail building, which is 100% NNN leased to Walgreens.
Situated in the busy retail corridor of Sagamore Parkway of West Lafayette, Indiana, the property benefits from its proximity to Purdue University, local employment centers and residential communities. Built in 2001, the 14,175 SF purpose-built property consists of a pharmacy, store and drive-through portal.

Thorofare’s bridge loan was utilized to pay off a matured CMBS 1.0 loan, which was originated and securitized in mid-2005. The interest-only financing was sized to 65% LTV. The fixed rate loan carries a term of 9 months and is open for immediate prepayment.

The sponsor is a San Antonio, Texas based private investor.