Thorofare Capital has funded $16,400,000 in first mortgage financing to facilitate a discounted payoff for Kulanaa’o Apartments, a Class “A” garden-style, 112-unit multifamily complex. The property was developed in 2007 as a student apartment housing project at a total cost of $33,000,000. All units are designed as conventional, self-contained apartments. In June 2013, Maui County approved the removal of the “student housing” zoning restriction. This zoning change will unlock higher value based on significant reduction in operating expenses. The property is currently 83% leased with robust leasing velocity of available units. Comparable properties in the subject trade area average 95% occupancy. The property is located within a ten minute walk to the University of Hawaii Maui College. The property has on-site laundry facilities, on-site management security surveillance and an interior courtyard with BBQ areas. Additionally, the property is elevator served, a rarity for apartments on Maui. Over 48,988 residents live within a three mile radius with an average household income of $74,674. The financing provided by Thorofare enabled the sponsor to capture an opportunity to pay off the current outstanding principal balance at a significant discount.