Thorofare Capital has provided a $31,250,000 floating-rate senior construction loan to refinance the existing land loan and fund the development of 56th Street Industrial, a to-be-built 100,401 square-foot Class A warehouse and distribution facility located in Huntington Park, California.

The Property will be developed on a 4.12-acre site within the supply-constrained Vernon Industrial submarket and is strategically positioned near the I-710 and I-5 freeways, approximately 6.5 miles south of Downtown Los Angeles. Upon completion, the facility will feature 36-foot clear heights, 11 dock-high loading doors, a secured truck court with trailer parking, ESFR sprinkler coverage, 111 automobile parking spaces, and approximately 5,200 square feet of office space.

Loan proceeds were used to refinance the existing land financing, fund construction costs, establish debt service and operating reserves, and cover closing costs. The financing includes future funding for construction completion through a capital expenditure holdback and provides reserves designed to support the project through stabilization.

The sponsorship group, is a vertically integrated real estate development and investment firm focused on industrial, logistics, industrial outdoor storage, and self-storage assets across select Western U.S. and Texas markets. Since inception, the firm has developed approximately 3.3 million square feet of industrial product and manages approximately $850 million of assets.