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Thorofare Capital Funds $14.5 Million Loan to Refinance Office Building in Draper, Utah
The proceeds were used to pay off existing senior debt and repatriate equity to partnership.
The sponsor acquired the property, located at 11747 Lone Peak Parkway, as an REO from Milwaukee-based M&I Bank (now BMO Harris) after the original developer of the property, DBSI Group of Companies, underwent bankruptcy liquidation in 2010.
Built in 2007, the property is currently 99 percent occupied by two tenants under long-term leases. The building serves as one of nine global customer service support centers for Hopkinton, MA-based EMC Corporation, the world’s largest provider of data storage systems. EMC is ranked #139 on Fortune 500 and carries a Moody’s “A1” credit rating. It is also the corporate headquarters for O’Currance, a premier provider of direct response telesales services, including technical support, outbound sales, and lead generation ranked among the Top 50 Teleservices Agencies in the world.
“We were attracted to the sub-market and high demand for quality office space driven by growth from strong technology-focused tenants such as EMC, eBay, and PGP Corporation,”
Thorofare closed the multi-faceted transaction in just two weeks from application, structuring around a ground lease for an extra parking lot, which provides an above-market 10 per 1,000 sq./ft. parking ratio. The financing allows short-term yield maintenance, and provides ample proceeds towards repatriation of equity to the partnership, according to Thorofare CEO Kevin Miller.
“This financing underscores our ability to work around complexities to provide flexible capital and unparalleled certainty of execution to experienced sponsors throughout the country,” said Miller.
About Thorofare Capital:
Los Angeles-based Thorofare Capital is an alternative investment platform which focuses on originating, funding, and servicing $2 million to $25 million short-term commercial real estate loans nationwide. The firm also holds a strong track record of financing the acquisition of performing and non-performing senior mortgages (NPL’s) and loan portfolios. Thorofare is currently deploying capital through Thorofare Asset Based Lending Fund III, LP, a $250 million discretionary debt fund, to provide short term real estate financing nationwide to qualified borrowers with a focus on transitional assets in need of repositioning, capital improvements, and lease-up of vacant space. Since 2011, the firm has deployed more than $300 million over 75 transactions throughout 16 states and continues to grow its market share. For more information, please contact: firstname.lastname@example.org or 213-873-4000.