Thorofare Capital has funded a $6,350,000 fixed-rate bridge loan for the cash-out refinance of Willowdaile Shopping Center, a 93,220 SF retail center located in Durham, North Carolina. Thorofare closed the transaction in just 10 business days from the time of signed loan application, for the sponsor to use the repatriated equity towards a separate opportunistic acquisition.

The structured bridge loan includes an earn-out for the construction of an outparcel subject to an executed lease with a national credit tenant provided a specified deadline.

At the time of closing, the property was 90% leased to 18 tenants including Starbucks, Dollar Tree and Hall of Fitness. The center is well positioned at a major intersection just two miles north of Interstate 85 via Exit 175.

The “quick-close”, interest-only bridge loan carries an initial term of nine months and includes an extension option subject to performance hurdles. The sponsor is a New York-based private investment firm that acquires, develops and repositions retail, multifamily and mixed-use projects throughout the Northeast and Southeast US.