Thorofare Capital has funded a $12,780,000 floating rate commercial mortgage for the acquisition and renovation of a 48-unit multifamily building located on Buckingham Avenue in Redwood City, California. The loan will have an initial funding of $11,559,000 with $1,221,000 held back for Capital Expenditures.

The property consists of one, four story apartment building (three stories residential over parking). The improvements were constructed in 1964 and are situated on a 0.57-acre site. At the time of closing, the property was 94% occupied with three vacant units and was considered to be in average overall condition. The amenities include two patio areas, one with a BBQ and picnic table and the other with bike racks. The property also has a free-standing shop in addition to a second shop located in the parking garage. There are 48 ground level garage parking spaces with three common laundry facilities.

The property is located at the northeast corner of Buckingham Avenue and Devonshire Avenue with north-south connectivity via US 101 and east-west connectivity via freeway 92. The location benefits from its proximity to large retailers such as Target (0.4mi), Costco (1.5mi), Marshalls (0.4mi), and Safeway Pharmacy (1.5mi). The most recent commercial tenant in Redwood City is Box, Inc., the cloud storage giant who is leasing 334,000 SF in the downtown area for its new headquarters. Tech giants Oracle (1.5M SF, 5.5mi from the Property), Electronic Arts (660k SF, 5.7mi from the Property), and Facebook (430k SF, 5.0mi from the Property) are also situated in or close to Redwood City.

The four year, non-recourse loan does not require amortization and includes a CapEx Holdback.

The sponsor is a Los Angeles-based private investment firm focused on the acquisition and renovation of multifamily properties in supply-constrained, high-barrier-to-entry locations throughout the Western U.S.