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International Plaza SLC
$19,500,000 Acquisition, CapEx & TI/LC Financing
Salt Lake City, UT | December 2021
Thorofare Capital has funded a $19,500,000 floating rate bridge loan for the acquisition of International Plaza, a 130, 976 SF office property located on 10.83 acres in the Airport Submarket of Salt Lake City, Utah. For the existing and future vacant net rentable area, the property will be repositioned into Lab Space and BioTech-focused flex space geared towards Life Science tenants in the market.
The 1978-built property was updated and renovated throughout 2015-2020 and was 83% leased at loan origination. Thorofare provided a 65% loan-to-cost, interest-only, structure financing solution with a tailored CapEx, TI and LC future-funding.
The loan carries an initial loan term of three years, includes extension options subject to performance tests and provides prepayment flexibility.
With more than 1 million square feet of Life Sciences, BioTech and Lab Space demand in the growing Salt Lake City market, International Plaza will be well-positioned to offer attractive TI packages to Life Sciences tenants seeking well-located, well-parked and upgraded space.
The sponsor is a joint venture between a Boston-based, private equity real estate fund manager and a California-based owner operator who has a demonstrated track record of executing value-add and re-development business plans for transitional properties.