Thorofare Capital has funded a $3,962,461 short-term loan to finance the acquisition of a 20-unit “bulk” condominium portfolio at The Martin in Las Vegas, Nevada. The sponsor, KCD Martin, LLC, utilized the bridge financing to purchase the last developer-owned units with the intent of reselling them to foreign investors.

The Martin is a 45 story, 372-unit, high-rise luxury residence condominium tower located in the heart of Las Vegas Blvd. The property was originally part of the three tower Panorama Towers complex. The Martin was the last of the three towers constructed and was completed in 2009. The property overlooks the Las Vegas CityCenter and is just across the freeway via a pedestrian friendly overpass from The Bellagio and the Cosmopolitan Hotel. The seller of the portfolio is iStar Financial, a NYC-based REIT that foreclosed on the property in 2009 after providing the original construction loan. iStar took over the day-to-day operations through its subsidiary iStar Residential, and sold the remaining inventory except for these final 20 units, which have not been previously sold nor occupied.

The Martin provides state-of-the-art appliances and floor-to-ceiling windows with panoramic views of the Strip, surrounding mountains and sunset horizons, with design, décor and landscape architecture by the team behind Viceroy Santa Monica and Viceroy Anguilla. Residents at The Martin enjoy exclusive access to a dedicated concierge with luxury hotel-level services and resort-like amenities, including steam and treatment rooms, a library lounge, a 2,400-square foot gym outfitted with state-of-the-art cardio equipment overlooking the pool cabanas and Garden Lounge, and a dedicated yoga studio.

This financing complements Thorofare’s ability to react quickly and execute seamlessly on “time of the essence” transactions thanks to its discretionary fund platform and collaborative approach. Thorofare closed the off-market transaction in just three weeks from application and structured the deal with custom tailored lender controlled reserves that will support the sponsor’s business plan. Thorofare placed this loan in its third discretionary investment vehicle, Thorofare Asset Based Lending Fund III, L.P.