Thorofare Capital has funded a $4,263,672 short-term bridge loan for the refinance and estate buyout of a 59,562-square foot industrial loft building in the Lincoln Park / Bucktown neighborhood of Chicago, IL.

The floating rate loan, which carries a total term of 18 months including extension options subject to performance hurdles, was priced at a competitive spread over the 30-day LIBOR.

Built in 1905, the property features one building with five stories, 12’ clear heights, and 3 loading docks. At the time of closing, the property was 73% leased to 36 tenants.

The sponsorship team is a family office who utilizes a local property management firm that conducts all management and leasing of this building.