Thorofare Capital has funded a $23 million floating rate bridge loan for the acquisition of Chapman Plaza, a 50,000 square foot retail property located on West 6th Street in the Koreatown sub-market of Los Angeles. The loan is highly structured with a holdback for CapEx and TIs/LCs, as well as a debt service reserve. The non-recourse, five year, floating-rate loan does not require amortization during the initial term and includes a future funding facility.

Chapman Plaza is located in the Koreatown area of Los Angeles, fronting along the entire block front of West 6th Street between S. Kenmore and S. Alexandria Avenues, approximately a half mile from the Metro Rail Station at Wilshire & Vermont. The Property is centrally located within Los Angeles, with convenient access to the Financial District, Hollywood, and numerous West Los Angeles submarkets. The local area is densely developed, and a re-development trend is occurring for underutilized sites. The combination of mixed-use residential development recently completed, under construction, or planned for the market will continue the favorable trend in Koreatown, which continues to create a more dynamic and favorable environment.

At the time of closing, the property was 96% leased leased to 18 tenants. The Property is a landmark historic asset, originally constructed in 1929 and renovated in 1990.

The sponsor is a Los Angeles-based real estate investment firm that operates value-add urban real estate. Since its formation in 2014, the sponsor has assembled over $275 million of urban real estate in Western U.S. target markets that are infill, supply-constrained locations benefiting from millennial-demographic-driven growth.