Thorofare Capital has funded a $7.235 million ground up bridge loan for the acquisition, renovation and lease-up of Provo Town Square, which totals 75,139 SF of mixed-use improvements in Provo, Utah.

At the time of loan origination, the property was 61.5%-occupied by a diversified rent roll. The various uses include parking, retail and office, with plans of targeting small office users in tech, digital media, legal, and financial services ranging from 1,000 SF to 3,000 SF.

Additionally, the sponsor has received preliminary leasing interest for several retail spaces while in contract to buy the property.

The mixed-use project sits at the intersection of University Ave and Center Street in the heart of the Downtown Provo Historic District. This area is a walkable urban neighborhood featuring popular retailers, restaurants, hotels, a convention center, and other strong tourism draws.

Provo Town Square is located approximately 1 mile from Brigham Young University, a growing university home to over 35,000 students, and 4 miles from Utah Valley University, a public university with over 41,000 students enrolled.

The retail tenancy at the property consists of destination and experiential retail that has unique in nature and provides the local community with unique dining, entertainment and shopping.

The non-recourse, interest-only loan carries an initial term of two years with three extension options, a flexible prepayment option and includes future-funded renovation and “good news” TI/LC holdbacks.

The Sponsors are a Southern California-based group of experienced real estate investors, whom have worked together for more than 20 years.