Thorofare Capital has provided a $25,035,000 floating-rate senior loan for the refinance and lease up of 136 E. Rosemary, a Class A Mixed-Use property located in Chapel Hill, NC.

Chapel Hill Mixed-Use comprises a three-building complex featuring life science space, lab and office, retail, and parking facilities. Originally constructed in 1974, the Property underwent a comprehensive renovation between 2021 and 2022. With a total of 121,136 SF of rentable space and 306 parking spaces.

136 E. Rosemary is part of the Town of Chapel Hill’s initiative to retain and incubate both life science and innovative startup companies. Two of the anchor tenants at the Property are the University of North Carolina Chapel Hill and Chapel Hill Labs.

The interest-only, structured whole loan has an initial term of 18 months, with three extension options. The loan proceeds will be utilized to recapitalize the project and to fund leasing costs for recently signed leases and to stabilize the building through further leasing initiatives.

The property is across the street from the University of North Carolina Chapel Hill and has frontage along Franklin Street, the primary retail and office corridor in Downtown Chapel Hill. In addition, the Sponsor is developing a 1,100-stall parking garage, with expected completion in Fall 2024.

The Sponsor is a respected commercial and residential property developer and manager in North Carolina. Their current portfolio encompasses 4 million SF of commercial space and 8,000 multifamily units.