Thorofare Capital has funded a $2,175,000 fixed-rate bridge loan for the acquisition and renovation of a 32-unit multifamily property located in the Rogers Park neighborhood of Chicago, Illinois.

Thorofare closed the transaction in just 14 business days from the time of signed loan application, in order to help the sponsor purchase the distressed asset and capitalize on the below market rents.

The highly structured bridge loan includes reserves for immediate repairs and operating shortfalls, as well as a future funding facility to cover costs associated with capital expenditures and tenant improvements. The sponsor’s plan is to refinance Thorofare’s loan with permanent financing once the facility is renovated and leased to stabilization.

The interest-only bridge loan carries an initial term of one year and includes an extension option subject to performance hurdles. The sponsor is a real estate investment firm specializing in purchasing distressed assets and executing other opportunistic transactions with high upside potential.