Thorofare Capital has funded an $18,000,000 fixed-rate bridge loan for the acquisition of StoneRidge at Germantown Falls, a 486-unit class B multifamily community in Memphis, Tennessee. The transaction was closed in just 10 business days from application in order to accommodate the sponsor’s 1031 exchange deadline.

StoneRidge at Germantown Falls is located less than three miles from FedEx’s World Headquarters and six miles from the FedEx Technology Center, with a total of 6,600 jobs located near the property. The Poplar/I-240 Class A office corridor, home to seven million SF of office space, is just five miles north of the property. The community is two miles from the upscale City of Germantown, the wealthiest suburb in Tennessee. There are only five apartment communities located within the Germantown city limits, creating a high demand for properties located adjacent to the city. Amenities include a renovated clubhouse, two pools, two lighted tennis courts, a car care area, grilling stations, a fitness center, and a business center. Interior touches include ceiling fans, wood-burning fireplaces, vaulted ceilings, and sunrooms.

Thorofare’s “quick-close” bridge loan allows for maximum prepayment flexibility for the sponsor to refinance the stabilized property with agency or bank financing. The sponsor is a New York-based private investor with interests in over 1,000 residential multifamily units across the Northeast and Southeast, as well as more than 1,000,000 square feet of industrial space in the Southeast.