FOR IMMEDIATE RELEASE
Los Angeles, CA - Thorofare Capital Closed $2,860,000 Bridge Loan in Irvine, California.
Thorofare Capital, Inc. (“Thorofare”) has announced the closing of a $2,860,000 senior bridge loan (the “Loan”) to refinance an industrial property located on a 1.52-acre parcel at 17662 Armstrong Ave., Irvine, CA 92614 (the “Property”).
The 1970-built Property contains a total of 30,940 net rentable square feet and is currently 100% leased to 3 tenants. The Property also includes on-site parking consisting of 53 asphalt-paved spaces. The Property is located one mile north of the John Wayne Airport on Armstrong Avenue. The surrounding region, known as the Airport Area, is the commercial center of Orange County, as it contains 39 million square feet of office space and 91 million square feet of industrial space. Four major cities (Santa Ana, Costa Mesa, Irvine, and Newport Beach) converge in the Airport Area.
The City of Irvine has approved the Property for re-development into a 122-room Element Hotel. As defined by Starwood Hotels, the “Element” brand is a modern, contemporary look that combines, “an eco-conscious and economically responsible lifestyle hotel with modern sensibilities. Additionally, the proposed hotel will include a two story on-site parking garage, swimming pool, fitness facility, and sun deck.
About Thorofare Capital: Thorofare Capital, Inc. (“Thorofare”) is a national private equity investment management firm specializing in real estate debt. Thorofare is currently deploying capital from its second discretionary real estate debt fund, targeting investments between $1 million to $20 million in primary and secondary US markets. The firm will also consider select transactions with strong components in tertiary markets. Thorofare is based in Downtown Los Angeles.