REOC Austin
 
Commercial Real Estate Since 1975

Moderator

Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC Austin

Got a Commercial Real Estate Need or Question?


Ask One of Our Trusted Advisors

Thorofare Funds Pflugerville Center

Pflugerville West Shopping Center

Pflugerville West Shopping Center

Los Angeles-based portfolio lender Thorofare Capital has funded a $7.7 million floating rate commercial mortgage for the acquisition of Pflugerville West Shopping Center, a 67,150-square-foot retail center located at 15424 FM 1852 in Pflugerville.

The sponsor, a Virginia-based private investor with a long history of value-add retail and multifamily projects throughout Texas, acquired the property in a marketed transaction for $131 per square foot, representing a going-in cap rate of 9.5 percent, according to Thorofare’s executive vice president of origination, Felix Gutnikov, who structured and negotiated the financing.

The non-recourse, interest-only financing structure carries an initial term of two years with multiple extension options, and was sized to 75 percent of stabilized value. The financing includes an approximately $1.5 million “earn-out” facility, according to Thorofare.

Click to read entire article: Thorofare Funds Pflugerville Center (GlobeSt., 4-09-15)

 

 

FacebookTwitterGoogle+Share

You must be logged in to post a comment.