Thorofare Capital has provided a $40,000,000 floating-rate senior loan to refinance a newly built, Class A industrial advanced manufacturing, research & development, and flex facility located in Seattle’s SoDo neighborhood.

Track 6 is a brand new 4-story industrial building located on the old Compton Lumber site in the middle of Seattle’s SODO neighborhood. Roughly 54,000 square foot floor plates with high clear heights will bring 212,516 SF of fresh industrial space to South Seattle. Track 6 can accommodate an array of uses from industrial flex companies to tenants with large warehousing or distribution needs. Favorable zoning allows for a myriad of uses and is especially primed for tenants needing space to develop, manufacture, and distribute their products all under one roof.

Loan proceeds will be used to refinance the existing bank construction loan, fund reserves for leasing costs. The loan is structured with a “good news” TI/LC Facility to support ongoing leasing efforts. The floating-rate, interest-only loan has an initial two-year term with conditional extension options and flexible prepayment structure.

The sponsor is a joint venture between a Pacific Northwest, established development firm and a Seattle-based private equity real estate fund manager.