Thorofare Capital has funded a $7.433 million fixed rate bridge loan for the refinancing and re-development of a 23,975 SF (10,200 SF ground floor retail/13,775 SF office), 19th century construction, creative office building located in the heart of Chinatown.

The borrower’s plan is to complete the gut renovation and adaptive re-use from the existing mixed-use, office building layout to a creative office with ground floor retail. The voluntary structural upgrade will include a reconfiguration of the building entry from the parking lot and a new elevator to make the circulation core more efficient for the multi-tenant strategy (office use on the top two floors with ground floor retail). The initial base building improvements will also include a façade restoration and site work to increase curb appeal. The sponsor anticipates all of the base building work to be completed by mid-2016. When finished, the project will uncover and underscore the building’s historic industrial architecture and character that will be conducive for creative office tenants.

Located at 759 N Spring Street in the upper main district of Chinatown and Downtown LA, the property is one of the oldest existing buildings in LA’s industrial boom of the late 19th century. Built in the 1880s and added onto in 1925, the building was originally used as a manufacturing facility and storage for the Western Furniture Company. The mixed-use project is well located within a 3-minute walking distance is the Chinatown metro Gold Line Station which connects users to Pasadena and Sierra Madre, eventually reaching Claremont. Within a 9 minute walk from the building is Union Station, which connects users to other Metro Rail Lines heading to Hollywood, West LA, Long Beach and the South Bay.

The non-recourse, fixed rate loan carries an initial term of 18 months and two (2) Extension Options of six (6) months each. The interest-only loan structure includes a debt service reserve to fund operating deficits and interest payments during the re-development period.

The sponsor is RedCar Properties, Ltd., a Los Angeles-based privately held development firm specializing in urban re-development projects located in supply-constrained, in-fill markets.