Thorofare Capital has a funded a $7.88 million fixed-rate bridge loan for the acquisition of One Airport Center, a 73,305 Sq. Ft. office building located on Ambassador Place in Portland, Oregon.

The financing was provided to a family office who was under a narrow window of time to purchase the property as part of a 1031 exchange transaction. At the time of closing, the property, subject to a ground-lease with the City of Portland, was 100% leased with no upcoming rollover during the initial loan term.

Originally built in 1996, One Airport Center is situated on a 3.66-acre and underwent a renovation in 2006. The building is leased to a variety of regional and national tenants, including Walgreen Company, Rentrak Corporation and Pacific Fishery Management Council.

The short-term, fixed rate loan carries an initial term of six months with one extension option as allows for prepayment after just four months of yield maintenance. The interest-only loan structure is limited recourse and was sized to 68% LTV.

The sponsor is a California-based family office that has hired Bluett & Associates for asset management services. Cushman & Wakefield is the third party property manager and leasing agent.