Thorofare Capital Supplies $40M Refi for Seattle R&D Facility
By Andrew Coen January 6, 2025 11:22 am
reprints
Affiliates of Avenue 55 and Columbia Pacific Advisors have secured a $40 million loan to refinance a newly built industrial research & development asset in Seattle, Commercial Observer can first report.
Thorofare Capital provided the loan on the joint venture’s Track6 project in Seattle’s SoDo — or South of Downtown — neighborhood. The financing will be used to retire existing debt and fund remaining lease-up costs for the 210,776-square-foot advanced manufacturing R&D facility that opened in 2023.
“Track6 is a unique and versatile Class A industrial asset in the Seattle market providing a tenant space designed to meet the highest technical standards for tenants seeking distribution, light manufacturing, engineering, flex, or showroom space,” Joe Blattner, founder and president of Avenue 55, said in a statement. “Track6 presents a distinct value proposition as there is effectively no competitive product in the market.”
Pete Aparico, president and head of real estate for Columbia Pacific Advisors, said in a statement “strong population increases over the last five years” coupled with an expansion of technology industries in the Seattle area position the project for success.
Cushman & Wakefield (CWK) arranged the transaction with a team led by Dave Karson, Chris Moyer, Paul Roeter and Jason Blankfein.
Located at 3847 First Avenue South, close to where the West Seattle Bridge crosses East Marginal Way, Track6 is 28 percent occupied with two additional tenants in late-stage negotiations, according to C&W. The four-story property is close to the Port of Seattle and King County International Airport, and 11 miles north of Seattle-Tacoma International Airport.
“The lending market for differentiated industrial assets such as Track6 is robust,” Karson said in a statement.
David Perlman, head of the New York office at Thorofare Capital, said in a statement that Track6 was attractive from a lending perspective since the property “stands out from the competition with its substantial power already on-site.”
Andrew Coen can be reached at acoen@commercialobserver.com
