Thorofare Capital has funded a $5,862,830 short-term bridge loan for the refinance of the Pioneer Square Parking Garage, a 55,410 square foot, four-level parking facility located at on 2nd Avenue in downtown Seattle. The loan proceeds were used to refinance an existing, low-leverage loan and repatriate equity to the sponsor for the purpose of recapitalizing another asset on its portfolio.

The asset is located in the Pioneer Square neighborhood with attractive underlying land values. Pioneer Square is Seattle’s first neighborhood and first historic preservation district. Pioneer Square is well preserved and is situated in Seattle’s original commercial center, just north of the Century Link Football Stadium. The commercial district is home to residences, galleries, shops, and restaurants as well as distribution and technology firms.

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.