Sep
05
Thorofare Capital Funds SC Office Building Acquisition
ByA joint venture between Insite Property and Eastern Federal Corp. will use the $16.3 million loan for the acquisition, renovation and stabilization of Albemarle Point Center in Charleston, S.C.
Thorofare Capital, which recently originated a three-year loan for the purchase of a corporate office campus in Illinois, also partially financed the acquisition of an 84,468-square-foot property in Charleston, S.C. The buyer, a joint venture between Insite Property and Eastern Federal Corp., nabbed the asset from Chicago-based J.L. Woode Ltd. in exchange for $21.5 million. The money left after closing the transaction will be used for renovating and stabilizing the property, which is completely leased.
The five-year loan will feature interest-only floating rates during the first three years of the term. Phillips Realty closed on the loan on behalf of the borrowing party…
