Thorofare Capital has provided a San Francisco-based real estate investment and asset management firm with a $14,500,000 senior secured loan to refinance the Lone Peak Center, an 87,672-square-foot Class “A” office building in Draper, Utah, equidistant between Salt Lake City and Provo. The proceeds were used to pay off existing senior debt and repatriate equity to partnership. Attracted to the sub-market and high demand for quality office space driven by growth from strong technology-focused tenants such as EMC, eBay, and PGP Corporation, Thorofare closed the multi-faceted transaction in just two weeks from application.

The sponsor acquired the property, located at 11747 Lone Peak Parkway, as an REO from Milwaukee-based M&I Bank (now BMO Harris) after the original developer of the property, DBSI Group of Companies, underwent bankruptcy liquidation in 2010. Built in 2007, the property is currently 99 percent occupied by two tenants under long-term leases. The building serves as one of nine global customer service support centers for Hopkinton, MA-based EMC Corporation, the world’s largest provider of data storage systems. EMC is ranked #139 on Fortune 500 and carries a Moody’s “A1” credit rating. It is also the corporate headquarters for O’Currance, a premier provider of direct response telesales services, including technical support, outbound sales, and lead generation ranked among the Top 50 Teleservices Agencies in the world.

The transaction included structuring around a ground lease for an extra parking lot, which provides an above-market 10 per 1,000 sq./ft. parking ratio. The financing allows short-term yield maintenance, and provides ample proceeds towards repatriation of equity to the partnership. This transaction marks Thorofare’s entrance into the greater Salt Lake City, Utah market.