Thorofare Capital has funded the acquisition of a $10,500,000 non-performing senior mortgage (the “Note”), secured by a Big Lots-anchored, multi-tenant retail center. Thorofare provided 65% of the total acquisition cost, including fees and closing costs.

The underlying collateral for the Note is a five building, 69,230 rentable square feet shopping center. The tenant roster at the 85%-occupied Property includes Big Lots, Jack in the Box, and Subway with all leases containing corporate guarantees. The immediate trade area houses more than 308,000 people within a 5-mile radius and has a combined traffic count in excess of 100,000 cars per day.

New York City-based Mission Capital Advisors, in coordination with Rockwood Real Estate Advisors, facilitated the sale of the Note through an online auction on behalf of one of the largest special services in the CMBS Industry. The buyer is a privately held real estate investment and management company.

Brendan W. Miller, Thorofare’s Co-President commented, “This property has strong value-add components, which should be achieved through rehab and stabilization as well as marking rents to market. Our ability to finance note acquisitions is allowing us to capture market share while our clients capture tremendous value creation opportunities.”