Thorofare Capital has funded a $6,740,000 fixed rate bridge loan for the acquisition, renovation and lease-up of a 190,000 SF grocery-anchored shopping center located in Gladstone, Missouri, a suburb of Kansas City.

Prospect Plaza’s anchors include Price Chopper and Hobby Lobby, which have operated at the property for over 16 years. At the time of closing, the property was 87% occupied by 11 tenants including The Salvation Army, Aaron’s and Starbucks.

The two year, interest-only bridge loan was utilized by the sponsor to purchase the property from a publicly-traded REIT and includes a future funding facility that will help maximize value through renovations, cosmetic upgrades and capitalizing leasing costs.