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Thorofare Provides $26M Refi on Newly Built Apartments
Thorofare Capital, Inc. said Monday it provided a $26,000,000 loan to Chapman Place LLC for the refinancing and lease-up of Chapman Place Apartments in San Diego’s Point Loma submarket. The floating rate, short-term bridge loan will provide the borrower, a private investor, with runway to lease up and stabilize occupancy at the newly built, 82-unit property at 3910 Chapman St.
Andrew Kim, director of originations in Thorofare’s Los Angeles office, originated the loan with transaction execution from associate Paul Hachigian and managing director of credit Jacob Yi.
Kim said, “We were attracted to this high barrier to entry submarket given its coastal location, strong renter demographics and lack of modern luxury apartments in the subject Ocean Beach, Point Loma and Midway areas.”
Kevin M. Heisser, CEO, and managing partner Jonathan Fulton, of Capital Partners, Inc. in Westlake Village represented Chapman Place LLC in arranging the financing.
- ◦Financing
