AUSTIN--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 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.

"We're pleased with the outcome of a true team effort that was required to get this deal done in just under three weeks, to meet a 1031 exchange deadline for the sponsor," Gutnikov told GlobeSt.com.