Thorofare Capital has funded a $13,000,000 short-term bridge loan for the refinance and renovation of a 277-unit assisted and independent living facility located in Phoenix, AZ. The loan will have an initial advance of $10,000,000 to facilitate the lease-up of vacant units, with $3,000,000 withheld for unit renovations.

Park Terrace at Greenway, a former 314-key Embassy Suites, was acquired out of REO and converted to a senior living facility between 2016 and 2017. The ADA compliant Property features a resort-style layout, with amenities including multiple recreation rooms, a tennis court, large pool, refurbished outdoor patio space and a walking trail.

The non-recourse, interest-only loan will have an initial term of 24 months with two extension options. The Sponsor is a Southern-California based real estate investor with both international and domestic value-add experience across various property types.