Thorofare has funded a $4,890,000 fixed rate bridge loan to refinance a 13,650 SF mixed-use facility (bar, boutique hotel and sound studio) located on Santa Monica Boulevard in Los Angeles, California.

The loan was utilized by the sponsor to pay off an existing bank loan and perform the necessary tenant improvements to finish building out the hotel space as well as the sound studio space.

The interest-only facility carries an initial term of one year and includes two extension options subject to business plan milestones. The structure includes reserves for CapEx and a facility to cover the build-out costs.