Thorofare Capital has funded a $48,000,000 fixed rate term loan for the core+ acquisition of The Hayworth Tanglewood, a luxury apartments community in Houston, Texas.

The 2017-built, 246-unit property features a large 1,427 SF average unit size and totals 351,002 SF throughout four, eight-story and three-story buildings including 434 parking spaces.

Located in the Tanglewood neighborhood of the Uptown sub-market, the 92%-occupied property is situated behind a Whole Foods grocery story along Wood Hollow Drive.

Hayworth Tanglewood offers best-in-class amenities, covered balconies and gourmet kitchens in addition to spacious floor plans, solar shades, wine chillers, cabanas, and a large fitness center.

The sponsor acquired the property from an institutional investment manager with plans to issue a DST syndication post-closing to its wide distribution of 1031-exchange investors.

The loan carries an initial term of seven years with one extension option of a year subject to performance milestones and includes four years of interest-only payments followed by a 30-year amortization schedule.

The sponsor is an Orange County, California-based private investment firm that specializes in student housing and multifamily projects across the US, with a $1.5 billion portfolio throughout 22 states.