Thorofare Capital has funded an $18,750,000 medium term whole loan for the acquisition and renovation of New Cambridge Apartments, a 208-unit class B multifamily property located in Bristol, Connecticut.

The loan will have an initial funding of $16,750,000, with $2,000,000 future funded for scheduled renovations. The sponsor’s plan is to refinance the transitional loan with permanent financing once the renovation work is complete and the property reaches stabilization.

The property consists of four, 4-story apartment buildings that were 90% occupied at the time of closing. The improvements were constructed in 1969 and are situated on a 7-acre site. The five-year floating rate loan was priced at a competitive spread over the 30-day LIBOR index.

The Sponsor is an experienced local multifamily investor and operator who owns and manages over 2,200 units in New York, New Jersey and Connecticut, with a market value exceeding $250 million.