Thorofare Capital has funded a $9,850,000 short-term bridge loan for the capitalization of DataSite Atlanta, a Data Center in suburban East Cobb.

Thorofare was challenged to meet the Sponsor’s 1031 exchange deadline and closed the loan less than 20 days from application.

The property is a 73,100-square-foot concurrently maintainable, purpose-built colocation data center offering a variety of power and cooling redundancy and density options to its customers. DataSite Atlanta offers two independent N+1 critical systems, providing multiple megawatts of power and cooling availability.

Proceeds from Thorofare’s 24-month, interest only, non-recourse financing provided through its open-end, discretionary fund vehicle, were used to buy-out an existing majority equity partner, repay existing secured debt, and provide capital for planned improvements tied to leasing.

Priced competitively over the 1-month LIBOR index, the non-recourse, interest-only loan includes a “good news” future funding facility towards accretive leasing expenses.