Thorofare Commits $40M Loan for Seattle R&D Hub
Deal News | Jan 06, 2025 | Thorofare Capital Inc
Affiliates of Avenue 55 and Columbia Pacific Advisors have secured a $40 million loan from Thorofare Capital to refinance a newly built industrial research and development asset in Seattle. The facility, known as Track6, is located in Seattle's SoDo neighborhood and offers advanced manufacturing capabilities. The funds will be used to retire existing debt and cover remaining lease-up expenses. The project has been well-received due to Seattle's population growth and expansion of tech industries. Cushman & Wakefield facilitated the transaction, highlighting the facility's strategic location near major transportation hubs and its competitive edge with unique technical specifications.
Sectors
- Real Estate Development
- Finance
- Technology
Geography
- United States – The Track6 R&D facility and the financing activities are taking place in Seattle, Washington, USA.
Industry
- Real Estate Development – The article focuses on the refinancing of an industrial R&D facility, which is a real estate development project.
- Finance – Thorofare Capital, a private equity firm, is providing a significant loan for the refinancing of the facility.
- Technology – The R&D facility is positioned to benefit from the expansion of technology industries in the Seattle area.
Financials
- $40 million – The loan amount provided by Thorofare Capital for refinancing the Seattle R&D facility.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Thorofare Capital Inc. | Lender | Company | Thorofare Capital is a private equity firm providing a $40 million loan for the Seattle R&D facility. |
| Avenue 55 | Borrower / Developer | Company | Avenue 55 is a co-developer of the Track6 project and secured the refinancing loan. |
| Columbia Pacific Advisors | Borrower / Developer | Company | Columbia Pacific Advisors is a co-developer of the Track6 project and secured the refinancing loan. |
| Cushman & Wakefield | Real Estate Advisor | Company | Arranged the transaction for the refinancing of the Track6 facility. |
| Joe Blattner | Founder and President of Avenue 55 | Person | Provided a statement regarding the unique value proposition of Track6. |
| Pete Aparico | President and Head of Real Estate for Columbia Pacific Advisors | Person | Commented on Seattle's market potential for the Track6 project. |
| David Perlman | Head of New York Office at Thorofare Capital | Person | Provided insights into Track6's standout features from a lending perspective. |