Thorofare Capital has funded $3,000,000 in acquisition financing at 77% LTC for purchase of a 583-unit self-storage facility located in Turlock, California. The transaction closed within one week of application because the property was in bankruptcy and facing imminent foreclosure. The previous owner acquired the property in May 2005 with a five-year CMBS loan.

When the loan matured in 2010, the then current market conditions made it challenging for the previous owner to obtain financing. The previous owner entered into a joint venture agreement with a private investment firm to sell its majority stake and stay on as the property manager through a revocable license to operate the facility as long as the net operating income is remains at stabilized levels. Thorofare provided financing to the new borrower, yet the transaction was structured as a sale since the deed was conveyed from the previous owner as part of the re-capitalization structure.

The property, 94.6% occupied as of September 12, 2013, was constructed in 1999 and consists of a 5.32 acre site with 92,708 square feet of net rentable area and 583 rentable units. The property also has 27 uncovered RV parking spaces with an area of approximately 6,050 square feet. There are 13 building structures which include 12 storage buildings and one detached office/apartment building. Since 2007, the sponsor has been operating a successful U-Haul truck rental business alongside the storage operation, which provides for additional income at the property level. Additionally, a portion of the subject property is leased to Cingular Wireless and Verizon Wireless as phone tower sites.