Thorofare Capital has funded a $1,430,000 blanket senior bridge loan to refinance the 104-unit Villa Dijon Condominiums located in San Antonio, Texas. Since the Borrower acquired the Property, 65 condominiums have been sold. As such, 39 units remain as available inventory, which are currently being marketed for sale.

The Loan was utilized by the Borrower to pay off the outstanding balance from a $6,500,000 mortgage that the Borrower obtained in order to acquire and renovate the Property. The sponsorship has paid down the existing financing by almost $6 million through the sale of approximately 60% of the units. The remaining funds shall be used to pay the final invoices from the general contractor, cover the transaction expenses, and fund reserves for the Loan.

Brendan W. Miller, co-President of Thorofare Capital, commented, “The location, among other factors, will drive buyers to continue to absorb the remaining inventory at Villa Dijon. The sponsorship group is now in a position to realize their investment plan.”