Press Release (ePRNews.com) - LOS ANGELES - Aug 30, 2017 - Thorofare Capital has provided a joint venture led by Insite Properties with $16.28 million in first mortgage debt for the acquisition, renovation and stabilization of a 84,468-square-foot office complex in Charleston, SC.
Thorofare’s financing is secured by Albemarle Point Center. The property features a 73,356-square-foot, Class A four-story office building located at 176 Croghan Spur, which has served as the corporate headquarters for Piggly Wiggly since it was constructed in 1999. The property, which was acquired from Chicago-based J.L. Woode, Ltd. for $21.5 million, also includes an 11,000-square-foot single-story flex building. The complex was 100 percent leased at closing.
Priced at a competitive spread over the 30-day LIBOR, the five-year, floating rate loan features interest only over the first three years of the term, according to Thorofare’s Elliott Young who originated the financing out of the bridge lender’s Los Angeles headquarters.
A portion of the loan proceeds will be used to re-tenant approximately 30,000 square feet of office space that comes available when Piggly Wiggly vacates. New Hampshire-based C&S Wholesale Grocers acquired Piggly Wiggly in 2014.
“Abermarle Point Center is one of Charleston’s preeminent business addresses having been the long-time corporate home to one of the most prominent retailers in the South,” said Young. “Insite Properties is a local real estate firm that understands the market and we were impressed with their business plan that includes updating the building exterior and common areas to return to market space that has not been available for nearly two decades.”
Bethesda-based Phillips Realty arranged the financing on behalf of Insite Properties and its joint venture partner Eastern Federal Corporation.
Thorofare Capital (http://www.thorofarecapital.com) is a vertically integrated alternative investment manager that specializes in providing senior mortgage debt solutions to borrowers seeking to opportunistically purchase or recapitalize middle market commercial real estate assets throughout the United States. Through Thorofare Capital’s two lending programs, Short-term Bridge Loans and Medium-term Whole Loans, it primarily originates secured first mortgage positions ranging from $3 million to $60 million. Thorofare Capital has originated over $1.2 billion
of loans since its inception in 2010. Its private fund series is managed by its affiliate, Thorofare, LLC (“Thorofare”), an SEC registered investment adviser (“RIA”). Thorofare’s fund investors include family of offices, foundations, endowments, pensions, institutional accounts, wealth managers and high net worth individuals.