Thorofare Capital has funded a $3,857,500 bridge loan for a Seattle area sponsor’s acquisition and TI buildout of Kent Square Center – a 43,132 sf mixed-use building located in Kent, Washington. Thorofare quickly closed the loan only ten days after the term sheet was executed which preserved the borrower’s ability to opportunistically acquire the property.

The property was purchased in an off-market transaction from a regional bank at a price based on 100% vacancy. However, the sponsor pre-leased 96% of the space to eighteen office and retail tenants before closing. Thorofare’s structure includes a capital expenditures reserve for completion of the interior build-outs as well as tenant improvements and leasing commissions.

The Property is a two story Class B retail/office building which has a net rentable area of 43,132 sf. The property contains approximately 135 surface parking spaces, reflecting an overall parking ratio of 3.13:1,000 sf of net rentable area which is adequate to support the intended uses. The Property was originally developed in 2009 by an investor who operated an events/catering business which occupied 18.5% of the property. While the catering business was successful, the remaining 81.5% of the space remained vacant. While construction of the exterior and all mechanical systems were fully completed, the interiors were in various states of completion and with the exception of the banquet hall, none of the space had ever been occupied.