Thorofare Capital, Inc. has closed a $6,000,000 refinance transaction for a 2009-vintage marina that is currently 95% occupied and cash flowing.

The 204-slip marina includes slips ranging from 30′ to 60′ and one super 100′ slip. The property also contains 25.1 acres of fully entitled land for a class “A” 373-unit luxury multifamily development. All improvements are complete including the parking garage and roads.

A total of $44,000,000 of cash has been invested in the property to date, having been spent on the property purchase, building entitlements, supporting infrastructure for the apartments, and build-out of the marina. The marina is strategically placed on the Columbia River directly off of Hayden Island in Portland, Oregon. The borrower was pleased that Thorofare was able to structure the loan to meet the borrower’s specific requirements.