Thorofare Capital has funded a $1,561,042 bridge loan for the refinancing of two mortgages totaling $1,853,300 on office properties located at 825 N. Humboldt Ave, Willows, California 95988 and 800 W. 12th St., Alturas, California 96101.

The two office properties were originally built for the USDA Forest Service (“USFS”), constructed specifically for USFS requirements. The original loans were financed by GE Commercial Finance in November 2000. Everbank Financial acquired GE Commercial Finance in October 2012 and has decided not to renew these loans as part of an overall strategy to trim its portfolio. The Willows loan matured April 30, 2013, and the Alturas loan matured November 30, 2012. Although in maturity default, all monthly payments were current at the time of closing.

The Willows property is a 27,486 square foot single-tenant office / warehouse building housing the Mendocino National Forest Supervisor’s Office. The lease expires on March 31, 2015. The tenant has indicated its desire to renew its lease, with a 10-year term. The Government Services Administration “GSA” who administers the lease has drawn up plans to include an additional government entity taking approximately 33% of the space in the main office building.

The Alturas property is 23,388 rentable square feet. The lease expired on August 8, 2013 and the tenant has not renewed. The property was 100% vacant at closing, although Modoc County and an Indian Tribe have indicated interest in the property and negotiations were underway. Thorofare closed the transaction in less than two weeks from application to allow the borrower to pay off maturing debt and have time to re-stabilize the two properties prior to refinancing with a permanent loan.