Thorofare Capital funded a $1,400,000 acquisition loan for a Chicago-based Multifamily operator to acquire a portfolio of REO for-rent condominiums. The 10-building condominium portfolio, which consists of 60-units in the Crestwood Condominiums neighborhood of Des Plaines, Illinois, a sizeable Chicago suburb.

Thorofare provided 100% LTC due to the sponsor utilizing the equity in their existing portfolio of 29 stabilized units in Crestwood as a down payment for the new acquisition of the 60 units. Thorofare structured the deal to hold a blanket senior secured first lien mortgage on all 89 units at the time of closing. Of the 29 units, only 1 was vacant, which is a unit that is currently undergoing an eviction and “turn” process.

The sponsor will be investing approximately $860,000 towards the rehabilitation of the 60 units. The rehabilitation will include new floors, paint, carpets, cabinetry, appliances, and windows. The Crestwood portfolio was sold through an auction platform, which required the sponsor to close in less than 25 days. Thorofare performed within the time frames set forth by the seller and the auction facilitators, upholding its commitment to the sponsor.