Thorofare Capital has funded a $10,000,000 floating rate whole loan for the acquisition and renovation of Villa Riviera Apartments, a 42-unit multifamily property in Arcadia, CA. The transaction was closed in 32 days from application.

The non-recourse loan, which carries a total term of five years including extension options, was priced at a competitive spread over the 30-day LIBOR and includes structure for reserves to cover renovation costs, debt service and operating deficits prior to stabilization.

Villa Riviera is a garden style, low-rise apartment complex comprised of five, two-story wood-frame/stucco buildings containing a total of 42 units. The property was 90% leased at the time of closing. The site amenities include a swimming pool, barbecue area, laundry facilities as well as carports and garages.

The sponsor is a family owned and operated, private real estate investment firm specializing in multifamily residential properties with a focus on supply constrained, in-fill West Coast markets.