Thorofare Capital has funded a $17,200,000 intermediate-term whole loan for the acquisition and renovation of Skyline Parc Apartments. The 191-unit, garden-style multifamily community is located on 4.72 acres in the University sub-market of Las Vegas, Nevada.

The financing helps support a business plan of exterior, interior and common area upgrades to maximize revenue, while professional third party property management with local economies of scale will aid curtailing operating expenses.

Thorofare closed the transaction in less than 30 days from application to funding, allowing the sponsor to capture an off-market acquisition opportunity in a market that has seen significant investor demand for value-add multifamily assets.

The sponsor is an Orange County-based private investment firm focused on class “B” and “C”, value-add multifamily properties in the Western U.S. and Florida, with more than 5,000 acquired units over the past decade.