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Pinellas Business Center
$13,140,000 Refinance & TI/LC Financing
St. Petersburg, FL | July 2020
Thorofare Capital has funded a Medium-term, Whole Loan for Pinellas Business Center in St. Petersburg, Florida. The financing enabled the ownership a timely refinance of its maturing CRE CLO debt while also covering imminent tenant renewals and upcoming lease-up costs.
Comprised of six Class-B industrial space and flex/office buildings spanning 206,275 SF, PBC offers grade-level and dock-high space for various uses including warehouse, office light assembly, and showroom requirements. Situated on an 18-acre site, it is well-located between the three CBDs of Tampa, St. Petersburg, and Clearwater. PBC is less than a mile from I-275, the main transportation artery connecting Tampa and St. Petersburg.
Thorofare was able to fund the non-recourse, interest-only, fixed rate loan against the 78%-leased asset within 30 days of signed loan application. The flexible structure consists of a 2+1+1 loan term including extensions subject to performance tests, and future funding towards planned CapEx.
The sponsor is New Jersey-based, vertically-integrated real estate development, investment and management company with an existing 3.5 million SF portfolio.