Thorofare Capital has funded an $18,550,000 medium term whole loan for the acquisition and renovation of The Lakes Apartments, a 102-unit multifamily property located in Concord, California.

The loan will have an initial funding of $16,577,500 with $1,972,500 future funded for scheduled renovations. The sponsor’s plan is to refinance Thorofare’s loan with permanent financing once the renovation work is complete and the property reaches stabilization.

The Lakes Apartments was 91% occupied at the time of closing, and is located in the Concord/Martinez submarket of Oakland, California. The 1967-built, three-story complex consists of five separate buildings situated on two, non-contiguous parcels, with a combined area of 4.2 acres.

The non-recourse, five-year floating rate loan was priced a competitive spread over the 30-day LIBOR index and includes structure for renovations and reserves.

The sponsor is a Southern California-based private investor with 30 years of commercial real estate experience having completed various projects ranging from the development of luxury single family homes and condominiums, to the acquisition of value-add multifamily and commercial properties.