Thorofare Capital has funded a fixed rate bridge loan for the refinancing of Boston Creek Apartments, a 349-unit Class B multifamily property located within 2 miles of Texas Tech University, a public university with 35,893 students in Lubbock, Texas. The financing was used by the sponsor to retire existing debt and repatriate a substantial amount of equity to the investors of the ownership group.

After purchasing the property in 2012, the sponsor completed an extensive exterior and interior renovation. The sponsor sought a quick financing solution and Thorofare closed the loan in just three weeks from application.

Located at 2701 44th Street, the fully renovated property includes a refurbished pool with new lounge furniture, a brand new fitness center, a pet park and other amenities such as a volleyball court and a decorated clubhouse with an entertainment area. The interiors include new stainless steel appliances, hardwood-style flooring, updated bathrooms and large floor plans with patios/balconies.

The non-recourse, interest-only and fixed rate loan carries an initial term of 14 months and offers two extension options. Boston Creek Apartments is currently managed by Grand Campus Living, the student housing division of Lincoln Property Company’s property management business.

The sponsor is Chicago-based privately-held real estate investment firm repositioning opportunities for under‐managed or capital-starved properties, and capitalizing on overlooked value enhancement opportunities. Since its inception, the sponsor has acquired and stabilized over $80 million in distressed properties throughout the Midwest and Southwest US.