Thorofare Capital has funded a $4.05 million fixed-rate bridge loan for the acquisition of the Statler Parking Garage. Located at on Euclid Avenue in downtown Cleveland, the property is a 311-space parking facility that is operated by national parking manager ABM. The sponsor approached Thorofare for certainty of execution, competitive proceeds and a flexible structure. The financing closed in just 10 days from application in order to meet a shortened escrow timeline.

The 1964-built garage features two below-grade levels, six above-grade levels, and rooftop parking. The property benefits from strong demand with average occupancy at 85%, including a parking agreement with the adjoining Statler Arms Apartments. Additional demand will come from the $280 million adaptive reuse of 925 Euclid Avenue, which is a mixed-used 1.3 million SF historic office building that will include multifamily, hotel and retail uses. Additional demand drivers include the NineTwelve District: a hub for financial services, technology, medical and creative firms with over 4,600 positions committed to the district between 2011-2014. The NineTwelve District offers convenient access to nearby amenities such as East 4th, Playhouse Square, the Lakefront and Warehouse District. Walkable to numerous amenities and neighborhoods, this district has highway access to both the Shoreway and the I-90 Innerbelt.

The acquisition financing was utilized by the sponsor to purchase the underperforming property, remediate deferred maintenance and increase profitability by improving management. The interest-only financing was sized to 68% LTV. The fixed rate loan carries an initial term of 12 months and includes one, six-month extension option.

The sponsor is a Delray Beach, Florida-based a full service real estate management company that focuses on historic adaptive reuse projects in downtown central business districts of secondary markets throughout the Midwest and Southeast United States.