Thorofare Capital has funded a $10.77 million fixed rate bridge loan to refinance of a 278-unit Class B multifamily community located in Winter Haven, Florida. The financing included an additional $852,500 CapEx Reserve to renovate the remaining 50 un-turned units, and fully stabilize the property after a multi-year, $3 million+ overhaul.

Located at 4300 Mahogany Run Southeast, the “garden-style” Cypress Gardens Apartments complex is just 2.7 miles from the world’s largest LEGOLAND Theme Park. The property was constructed in two phases in 1985 and 1990, and renovated between 2014 and 2015. The units have well-designed floor plans with a gross living area calculated at 252,100 SF. Common area amenities at the property include a recreation/laundry facility, swimming pool, playground and a tennis court. Unit amenities include a mini-storage building, a cabana, playground, swimming pool, and a one-bay manually operated car wash.

The neighborhood is dominated by general retail and service employees as well as the health care related employment provided by the Lakeland Regional Medical Center and surrounding medical offices. State Farm Mutual Automobile Insurance Company is headquartered in Winter Haven and serves as one of the top employers in the area. In addition, Publix is the largest employer with 9,500 employees, followed by Wal-Mart Stores at 5,100 and the Lakeland Regional Medical Center/Winter Haven Hospital at 7,100 employees.

The non-recourse, interest-only financing was funded in less than 10 days from application. The fixed rate loan carries an initial term of 9 months and offers two extension options. The property is managed by Michaelson Group, a Jacksonville, FL-based property management company currently overseeing more than 7,000 multifamily units. The sponsor is The Jaymor Group, a Canadian real estate company focused on strategically located, high quality real estate investment opportunities in Texas and Southeast US since 1989.