Thorofare Capital has funded a $9,100,000 medium term whole loan for the acquisition and renovation of a Class B, 110-unit multifamily complex in Tucson, Arizona. The loan will have an initial advance of $6,999,000 with $2,101,000 withheld for future funding of planned capital improvements.

Orange Tree Village was 87.0% occupied at the time of closing, and benefits from its above average unit size of 1,274 SF, townhome-style layout. In-unit amenities include walk-in closets, washer/dryers, ceiling fans and private patios. Tenants at the property enjoy refurbished outdoor amenities including a clubhouse, swimming pool, tennis courts, basketball courts and outdoor barbecue grills.

The non-recourse, interest-only loan will have an initial term of 36 months with two extension options. The Sponsor is a Southern-California based real estate private equity investment firm that currently manages more than 500 units in the Tucson market and has successfully exited other similar investments in the Tucson market.