Thorofare Capital has funded a $1.86 million fixed rate bridge loan for the acquisition of a Single Tenant NNN Leased (STNL) asset located in Bridgeview, IL as part of a programmatic asset aggregation plan.

Located at 7240 W. 79th St., the Property is a 5,632 SF freestanding one-floor retail building in Bridgeview, IL and was constructed in 1990 on a 1.10 AC lot. The Property is 100% leased to DineEquity, Inc. (NYSE: DIN; S&P: B) and occupied by its wholly-owned subsidiary, IHOP since 1997. The lease expires within a year from close but also provides three 5-year renewal option along with the right of first refusal to purchase the property. Through our collective diligence, Borrower was able to prove the tenant demand and health along with a creative structure to limit downside in the event the tenant vacates.

The Property is located in the Village of Bridgeview, approximately 16.0 mile southwest of the Chicago CBD. The subject’s local area is composed of a combination of single and multi-family, retail, and industrial developments with excellent demographics that cater to the customer base of the retail use.

The limited recourse, interest-only financing was funded in less than 3 weeks from application. The fixed rate loan carries an initial term of 18 months and offers one 6-month extension option. The sponsor has a demonstrated track record with the tenant and business plan to extend the lease and sell the property. The sponsor also manages one of the nation’s fastest growing brokerage firm ranked #1 in annual retail sales, which aided to facilitate the transaction.