Thorofare Capital has funded a $4,318,000 bridge loan for the acquisition of a portfolio, including multifamily and mixed-use properties, in Elizabeth, New Jersey. The bespoke financing structure included a senior secured credit facility asset and contains an option to add additional collateral to increase the total size of the credit facility subject to lender approval.

The first property is a 3-story, 19-unit residential condominium property with one commercial unit located at 510-516 Elizabeth Avenue in Elizabeth, New Jersey. The sponsor acquired 16 of 19 residential units, plus one ground-level commercial unit, in an off-market REO sale. Three residential units are individually owned. Built in 2006, the property features two residential floors above a ground level parking garage and commercial unit. All 16 residential subject units are 100% leased and include two bedroom units that are being operated as rentals. The commercial use includes 900 SF that is currently occupied by New Jersey Vitality Staffing Solutions under a long-term lease, and the 40-space parking garage adjoining the building is leased to a third party operator. Average rents for the residential component of this property are $1,830/mo.

The second property is a 3-story mixed-use retail/multifamily property located at 10-16 Centre Street, in Elizabeth, New Jersey. The property contains 9 residential units and 13,000 SF of commercial space. The 9 residential units are currently 100% leased, and a regional fitness center operator occupies 10,000 SF of the commercial space under long-term lease, though another 3,000 SF commercial unit is being marketed for immediate occupancy. This property contains both new construction and historic buildings that were gut renovated by the seller, with average residential rates of $1,800/mo for units averaging 1,300 SF.

The sponsor is a Brooklyn-based private real estate investment and management company with a long history of value-add and opportunistic projects throughout NewYork and New Jersey. The sponsor has closed on over $35 million in financing transactions with Thorofare and conducts all acquisitions, property management, and leasing efforts in-house.

Thorofare capitalizes its transactions through a series of Private closed-end debt funds and managed accounts on behalf of high-net-worth and institutional investors.