Thorofare Capital has a funded a $38.5 million fixed-rate bridge loan for the refinance and continued leasing of Seattle Design Center (“SDC”) and Georgetown Squared (“G2”) (collectively, the “Properties”).  Total loan proceeds of $38.5 million were be used to (i) refinance the original acquisition financing; (ii) fund an interest reserve; (iii) reserve for ongoing CapEx; (iv) pay for TIs/LCs in connection with significant recent lease-up; (v) finance the purchase of three adjacent lots that will be utilized for future parking to enhance the parking ratio for the new tenants.

Located in the Georgetown sub-market of Seattle, the properties are comprised of two buildings that are located on Sixth Avenue South in Seattle, Washington. The first building known as the ‘Seattle Design Center (SDC)’ is a 152,265 square foot (NRA) two-story specialty use showroom/design center building with surface parking, constructed in 1975 and situated on a 2.98-acre site.  Within the SDC building there is a 10,084 square foot area that is utilized for events. The second building known as the ‘Georgetown Squared Building (G2)’ is a 270,918 square foot five-story office building (currently being re-positioned as creative office) with a parking garage, constructed in 1983 and situated on a 1.93-acre site.  Within the G2 building there is a 6,500 square foot Gym that is to be constructed that will be utilized by the tenants. In addition to the primary sites, the subject also includes a site that is utilized for surface parking.

Thorofare closed the transaction in just one week from application and bifurcated the facility into two loans that are cross-collateralized. The short-term, creatively structured financing does not require amortization and is open to prepayment within just three months of the original closing date.

The sponsor is a Los Angeles-based, full-service commercial real estate firm that specializes in ownership, property management, leasing, construction and turnaround of value-add and core plus properties throughout major Western US markets.