Thorofare Capital has funded a $13,400,000 floating rate commercial mortgage for the acquisition and lease-up of a 91,541 SF industrial warehouse facility. Proceeds will be used to acquire the property, to perform modest capital upgrades, to pay TIs/LCs and stabilize the asset.

The subject consists of an industrial warehouse building with an attached office, and it is located at 901 Bay Marina Drive in National City. The building is situated on a 6.12-acre site and the improvements were originally constructed in 1972. At the time of closing, the property was vacant, but the Sponsor had a tenant in tow for 100% of the leasable area. The new tenant is subsidiary of a Fortune 100 Company and the lease shall be guaranteed by the parent company.

The non-recourse, three-year, interest-only loan was sized to a stabilized debt yield and requires just nine months of yield maintenance. The financing was priced at a competitive spread over the 30-day LIBOR index. Additionally, Thorofare structured reserves for carry and lease-up costs.

The Sponsor is a privately held commercial real estate investment and management firm headquartered in San Diego, that acquires, owns, operates and develops opportunistic commercial properties with a focus on value-add industrial and office investments. The firm specializes in creating value through a hands‐on operator approach that includes active leasing, property management and construction management.