Thorofare Capital has provided a $24,000,000 bridge loan for the purchase, renovation, and lease-up of the Austin Office Portfolio. The value-add acquisition was sourced from an institutional seller that operated a single-tenant, net-leased office REIT.

The property is a class A, 3-building complex totaling 131,275 SF and was previously vacated by a single-tenant corporate user that had occupied 100% of the net rentable area.

The sponsor will commence a full aesthetic capital improvement plan and offer high-amenity office space in a supply-constrained market that can also be demised for various tenant needs.

Each building is nearly identical to each other and features two floors of office space with limited columns and an efficient floorplan. The property is in a prime location near amenity bases such as the Domain and the Arboretum and surrounded by highly desirable housing.

The Austin economy continues to outperform the broader U.S., leads the nation in terms of in-office-using job growth (per CoStar Group’s research) and no other market in the country has seen its population growth outstrip Austin. The local unemployment rate declined to 3.8% and is lower than both the state and national rates, evidenced by over 2,000,000+ SF of positive net office leasing absorption in the last twelve months form the time of this loan’s origination.

The sponsor is an international real estate investment firm with a 20-year track record of acquisitions, operations and management across various property types and markets in the U.S. and Europe.