Thorofare Capital has provided acquisition financing to Urbana Partners for its purchase, renovation, and lease-up of an office project located at 7501 North Capital of Texas Highway in Austin.

The three-building property was primarily leased to Indeed.com, which moved out during the ongoing Covid pandemic to consolidate into its other Austin properties. The asset will potentially be 100% vacant in September of 2022, allowing the sponsor to complete a full capital improvement plan.

Thorofare’s David Perlman originated the loan with the firm’s Eddie Prosser, Henry Johnson, and Scott Sumida leading the underwriting and executing the closing of financing.

“This is our second Texas financing within the past two weeks and our first in Austin in over two years. We believe our cost basis is very attractive and we are confident in the sponsor’s ability to execute on their business plan,” said Perlman. “The unique nature of this purchase, with three identical office buildings, allows the sponsor optionality to not only lease-up the project, but also explore selling the buildings individually to owner-users.”