Thorofare Capital has provided a $25,500,000 floating-rate senior loan for the acquisition of the North Lake Business Park, in Altamonte Springs, FL.

The North Lake Business Park is a multi-use business park consisting of 15 single-story buildings totaling 271,988 SF on 28.7 acres. Proceeds from the loan were used to acquire and subsequently convert ~60,000 SF of office space into small bay industrial warehouse units.

The interest-only, structured whole loan carries an initial term of 18 months, in addition to two 6-month extension options. The subject transaction was part of a larger $215 million capitalization project encompassing 6 assets across Florida and Texas.

The North Lake Business Park buildings range in ceiling height from 12’ – 14’, include a total of 60 roll-up doors, and benefit from an interior courtyard with outdoor seating.

The Property benefits from outstanding visibility due to a half-mile of frontage along Interstate 4 (158,000 vehicles per day), Orlando’s most traveled thoroughfare. At the time of close the subject Property was 85.4% leased to a diverse roster of tenants.

The sponsor is a Florida-based vertically integrated real estate owner and operator focused on industrial and storage, with a portfolio spanning 3 million square feet.