Thorofare Capital has funded $1,550,000 in financing to a borrower looking to buyout their partner who was retiring. The borrower was the co-owner of a 67,388 RSF retail center located in Ottawa, Illinois.

The owners have spent approximately $800,000 on improving the subject property to date. In addition, the anchor tenant, Kroger, spent $500,000 renovating their store and improving the parking lot.

The property is currently owned free and clear, and the building is comprised of brick and mortar with a metal roof. Borrower is seeking a new first mortgage of $1,550,000 to complete the ownership buyout. The property is currently 96% occupied with an in place NOI of $213,000 per year. All tenants are signed to triple net leases.