Thorofare Capital has funded an $7,750,000 short-term bridge loan for the refinance, renovation and lease-up of Everett Tower, a class B office building located in the CBD of Everett, WA.

The loan was provided to a private investor who needed to repay a maturing CMBS loan and fund the costs of raising occupancy to market stabilized levels.

Everett Tower is centrally located in downtown Everett at the northeast corner of Colby Avenue and California Street. Colby Avenue is the city’s primary downtown thoroughfare. In addition, the building offers views of the Puget Sound from the upper floors. The 92,949-square foot office building is comprised of two adjoining structures on a 0.97-acre site. In addition to the improved site, the property includes two parcels of land located west of the main office facility totaling 13,890 square feet that serve as surface and garage parking.

The interest-only, one year loan includes extension options that are subject to performance hurdles and carries a competitively priced spread over the 1 month LIBOR index.

The sponsor is a private investor with office, parking and multifamily holdings throughout Washington state.