Thorofare Capital has funded a $22,200,000 floating rate commercial mortgage for refinancing and renovation of Flats @ 316, a 240 unit (792 beds) student housing facility located in Carrollton, Georgia. Proceeds from the refinancing were used to consolidate two separate CMBS and bank loans, then conduct a $1.475 million renovation to the common areas, swimming pools and clubhouse. The floating rate, non-recourse loan carries an initial term of two years, with two extension options.

Flats @ 316 is a Class B, off-campus student housing that was built by the sponsor in two phases over contiguous two parcels from 2006-2011. The community consists of 10 three-story residential buildings, a single-story clubhouse/leasing office building and a single story maintenance building.

The property, located approximately 1.5-miles from the center of campus, services the University of West Georgia, which garners a current enrollment of approximately 12,835 students. The property has a ratio of 3.3 bedrooms per unit, with an average unit size of 1,250 SF. At the time of closing, the property benefited from occupancy percentage in the low 90s.

The sponsor’s business plan is to finish the renovation, improve the common areas in order to continue to push occupancy up and grow rents. The sponsor is an Atlanta-based growth-oriented full service real estate company. The company is focuses on developing, investing and managing superior quality housing and lodging facilities in growth and niche markets that are underdeveloped and/or underserved.