Thorofare Capital has funded $1,600,000 in discounted payoff financing on retail center located at 10310 Saint Clair Avenue in Cleveland, Ohio.

The previous note securing the property was sold by its original lender to a new lender that was attempting to foreclose on the borrower. Thorofare worked with the borrower to finalize the DPO negotiation and successfully secured a discount of 60% of the original outstanding balance.

The property is a 100%-occupied, 34,732 square foot multi-tenant retail shopping center. As an additional credit enhancement, Thorofare structured a capital expenditure reserve for operating expenses, taxes & insurance, and lease up costs for any potential future tenant rollover. Chase Bank, Family Dollar, Rent-A-Center, H&R Block, Subway, and Little Caesars Pizza create an attractive tenant mix for the plaza.

Notably, the borrower signed a 5-year lease with Family Dollar in February 2012. Thorofare provided a proof of funds to the borrower for its use in the DPO negotiation in order to unequivocally lock in the highly discounted note purchase price.