Thorofare Capital has funded a non-recourse $3,264,000 short-term loan at 75% LTC for the acquisition of a prime restaurant/mixed use building located in the heart of Downtown Chicago’s River North neighborhood. The transaction closed in just two weeks from application and was subject to a bankruptcy court approval of the sale. The 17,400 square foot historic property was built in 1886/87 as the LaSalle Street Cable Car Powerhouse, and became a Chicago Landmark in 2001. The property is encumbered by a signed 10.5-year lease with Gino’s East Restaurant, the largest privately owned pizza and Italian restaurant in downtown Chicago, which will take occupancy of the entire property prior to closing. Gino’s East LaSalle, LLC (“Tenant”) has escrowed a $35,000 security deposit, plus another $165,000 of security deposit funds one June 20th when the Tenant exercised its right for Extended Contingency Period, and, per Tenant’s fully executed lease with the Landlord, is obligated to invest $750,000 through a construction escrow that is overseen by the Borrower. Additionally, Gino’s East is performing demolition work and moving forward with the build-out of the restaurant.