Thorofare Capital has funded a short-term bridge loan for the recapitalization and deep renovation of 440 Elizabeth, a 25-story residential tower in Newark, New Jersey. The property, which was 100% vacant at loan origination, consists of 216 spacious apartment units including 104 parking spaces.

Thorofare’s loan was utilized towards a partnership buy-out and for the continuation of a complete property overhaul which is comprised of a gut renovation, electrical and HVAC replacement, roofing, plumbing replacement and major building upgrades.

The property is well located within Newark’s densely-populated and mature residential neighborhoods, which provide a number of desirable characteristics such access to employment, freeway proximity for New York City commuting, a close walking distance to multiple commercial outlets and schools. Essex County’s largest park is steps from 440 Elizabeth.

The non-recourse, interest-only bridge loan carries an initial term of two years and includes two additional performance-based extension options. The financing allows for prepayment flexibility and was highly structured with a custom-tailored CapEx Holdback.

The sponsor is a Manhattan-based private real estate investment and development firm that currently owns and manages over 17 million square of property across various U.S. markets.