Thorofare Capital has funded a $6,100,000 fixed-rate bridge loan for the refinancing of a 54,384 SF, Class A office park located at One, Two & Three BetterWorld Circle in Temecula, California. The loan was used by the sponsor to retire maturing debt and establish reserves. The sponsor plans to reduce vacancy by finishing two pending lease negotiations with new tenants, totaling 14,000 SF, and then procuring permanent financing through the capital markets.

As a repeat client, the sponsor returned to Thorofare for certainty of execution to avoid a maturity default. Thorofare was able to close the non-recourse loan in less than one week from application, after another lender failed to close the deal within the approaching deadline. Thorofare’s interim financing allows the sponsor to increase occupancy and immediately transition into a long term loan without being subject to yield maintenance.

Garrett Corporate Center is located on Ridge Park Drive in Temecula, CA, east of the 15 freeway. The property is consists of three two-story buildings constructed in 2006 and 54,419 NSRF of office space. At the time of closing, the multi-tenant office complex was 72% leased to 16 tenants.

The sponsor is a Southern California-based real estate development and management company. This is the third loan transaction between Thorofare and the sponsor.