Thorofare Capital has funded the acquisition of a $6,965,000 non-performing loan portfolio in just 10 business days.

The Portfolio consists of four independent senior secured first lien mortgage loans, which encumber a total of 224 apartment units in Sacramento, CA. Thorofare provided 65% of the total acquisition cost, including fees and closing costs. The Portfolio was acquired in an off-market transaction from a Money Center Bank.

The sponsor is a Los Angeles-based privately held commercial real estate investment firm, which is managed by principals whose combined experience spans over 20 years in West Coast real estate markets and in excess of $1 billion in transactions.

The collateral for the Portfolio consists of 70-unit, 66-unit, 60-unit, and 28-unit multifamily properties, which are all located approximately two miles Northeast of California State University at Sacramento and less than one mile East of Arden Fair Shopping Mall. The occupancy levels at the Properties ranges from 35% to 85% with an aggregate positive cash flow.

Thorofare will also provide an earn-out facility, which will include a capital improvement budget once the sponsor acquires fee-simple ownership in the Portfolio, allowing for the sponsor to maximize upside prior to a refinance or disposition.