Thorofare Capital has funded $8,500,000 in note acquisition financing for a non-performing senior note secured by five non-contiguous buildings that total approximately 38,800 square feet of retail space, located in the North Highlands area of Sacramento, California.

The 1986-vintage property is currently 77% leased to 19 tenants, anchored by a 99 Cents Only Store. Arby’s, Del Taco, and O’Reilly Auto Parts occupy pad sites, which are owned by other entities and not part of the note collateral. A receiver managed the property while the special servicer was in the process of foreclosure, providing the note buyer with the opportunity to expedite acquisition of the underlying property.

The opportunistic note buyer was seeking to create additional value through new capital improvements and a leasing plan to increase. Thorofare Capital provided 69% of the total acquisition cost and closed the transaction in just two weeks.