Thorofare Capital has funded a $7.7 million floating-rate commercial mortgage for the refinance of Lakeville & Marina, a 71,612 SF flex office building located in Petaluma, California. The sponsor sought a medium-term loan to refinance a maturing senior loan and utilize a TI/LC Facility to lease-up the remaining vacancy.

Originally developed in 1999 as a build-to-suit for Legacy Alliance Marketing Group, the property is split between office and warehouse space built out with 40% office space and 60% warehouse space for one of the tenants, with the remaining suites built-out for 100% office use. The overall gross area of the property is 80% office and 20% warehouse.

The non-recourse, floating-rate loan carries an initial term of two years with extension options. The interest-only loan structure includes a debt service reserve, as well as a holdback for tenant improvements and leasing commissions.

The sponsor is a Reno, Nevada-based owner-operator with current holdings that exceed 3,000,000 square feet of office, over 250,000 square feet of retail, 130,000 square feet of light industrial space, as well as multifamily and hospitality properties.