Thorofare Capital has funded a $4,190,000 fixed rate bridge loan for the acquisition and lease-up of Midway Crossing, a 179,646 SF multi-tenant neighborhood shopping center located on West River Road in Elyria (Cleveland), Ohio. The sponsor plans to upgrade the façade, improve common areas and position the property for lease up of the remaining vacancy to achieve stabilization.

The sponsor, a repeat client, sought certainty of execution in order to acquire the property from a national retail REIT. As another sign of Thorofare’s creative structuring, the loan will have a future funding structure whereby Thorofare may advance up to 68% of an additional project costs, subject to leasing hurdles, for Capital Expenditures and TI/LC’s. This potential upsizing may increase the gross loan amount to $5,025,060.

The 179,650 SF property, known as Midway Crossing, consists of a large single story, multi-tenant retail center with two free-standing retail outparcels. At the time of closing, the property was 47% occupied and is shadow anchored by Toys “R” Us, which is not part of the collateral. Midway Crossing is directly located across from Midway Mall, which is a one million square foot enclosed shopping center. The property features strong national retailers including Planet Fitness, Party Place, Olive Garden, and Chipotle Mexican Grill.

The sponsor is a Phoenix-based private real estate investment firm specializing in the acquisition and management of single-tenant and value-add multi-tenant retail on a national basis. The sponsor will handle property management in-house and retained ALTUS Commercial Real Estate Group for leasing and marketing. The Principals of the sponsor have been involved in various aspects of the real estate industry including the acquisition, leasing, financing, repositioning, and disposition of assets valued at over $1 billion.