Thorofare Capital has funded a $2,860,000 bridge loan for the refinance of a 30,940 RSF flex office and industrial property located in Irvine, California.

The 1970-built Property was 100% leased to 3 tenants and had on-site parking consisting of 53 asphalt-paved spaces. The Property is located one mile north of the John Wayne Airport on Armstrong Avenue. The surrounding region, known as the Airport Area, is the commercial center of Orange County, as it contains 39 million square feet of office space and 91 million square feet of industrial space.

The City of Irvine has approved the Property for re-development into a 122-room Element Hotel. As defined by Starwood Hotels, the “Element” brand is a modern, contemporary look that combines, “an eco-conscious and economically responsible lifestyle hotel with modern sensibilities. Additionally, the proposed hotel will include a two story on-site parking garage, swimming pool, fitness facility, and sun deck.