Thorofare Capital has funded a $16,330,000 bridge loan to finance the recapitalization of the 129, 133-139 and 141 East Flagler, which includes the historic Shoreland Arcade building also known as the 777 Theater Building.

The total assemblage consists of three properties totaling 89,533 square feet situated on 0.75 acres of prime real estate in Miami’s Flagler District.

The two year, fixed-rate bridge loan was utilized by the local sponsor to recapture equity in the previously unencumbered properties, which were purchased as an assemblage acquired in various transactions between 2014 through 2019.

The sponsor’s plan is to develop the asset into a 65,512 SF mixed-use project as it seeks to transform and revitalize the overall neighborhood.

East Flagler MXU is already in the planning stages for a mixed-use retail and hospitality development that will not utilize the full available FAR but instead maintain the low-rise nature of the area.

The subject Property is located within the CBD district of Downtown Miami, which has historically been the commercial core of Downtown and is comprised of high-density office, retail, and hotels.

Developments over the last decade within the neighborhood have changed the nature of the area due to the large amount of residential development.

With its location on the north side of E. Flagler Street, between NE 1st Avenue and NE 2nd Avenue within the Miami CBD. The subject’s 141 East Flagler Street building also has frontage and access from NE 1st Street. It is in the core of the central business district of Miami, near major transportation arteries (I-95, Dolphin Expressway, Biscayne Boulevard, & Brickell Avenue), as well as the Metrorail and Metromover elevated train systems.

The sponsor is a Miami-based private investor that focuses on land banking, assemblage, development, and re-development of well-located, infill commercial sites in high barrier-to-entry Miami submarkets.