Thorofare Capital has funded a $4.150 million fixed-rate bridge loan for the refinance and renovation of Park Place Apartments, a 26-unit apartment building located on Park Avenue in Asbury Park, New Jersey. The loan consisted of an initial funding of $2.14 million with $2.01 million reserved for CapEx. iFunding, a real estate crowdfunding platform, provided $2 million in mezzanine financing. The mezzanine loan proceeds include an interest reserve for debt service payments for the subordinate financing.

Originally built in 1963, the 6-story property offers 26 units averaging 823 SF. The property also includes 17 parking spaces with 8 covered garage spaces. The unit-mix includes 10 one-bedroom, 11 two-bedroom, and 5 three-bedroom units. The project will include associated renovations and replacements to the following: all common areas such as main lobby, stairwells, hallways, and corridors will be renovated; existing windows will be replaced, including the existing storefront lobby entrance; and the brick façade will be repaired as required. Individual apartment units will have all new wiring and lighting; flooring; kitchen and bathrooms, including new cabinetry and fixtures; and newly constructed walls and ceilings.

The short-term, fixed rate loan carries an initial term of one year with one extension option as allows for prepayment after just 9 months of yield maintenance. The interest-only loan structure includes a debt service reserve to cover interest payments during the renovation process.

The sponsor is a New Jersey-based owner-operator with over 60 years of combined real estate industry experience and current projects throughout New York and New Jersey, many of which focus on the revitalization of Asbury Park. The sponsor focuses on the acquisition, development, and subsequent leasing/sale of commercial real estate in these markets.