Thorofare Funds Refi for 55+ Pflugerville Rental Property

Thorofare Capital provided a bridge loan to Wilson Capital to refinance an existing construction loan on The Jovie at Pflugerville. The newly completed 182-unit, Class A 55+ active adult multifamily community delivered in mid-2023 and is situated roughly 20 miles north of Austin, TX. The loan amount was not disclosed.

Thorofare’s Jonathan Hart originated the loan with colleagues Eddie Prosser and Henry Johnson. Wilson Capital was represented by B.K. Newsom at CBRE.

Hart said, “This interim construction take-out loan will enable the sponsor to lease-up and stabilize the asset before moving to long-term permanent financing.”

The Jovie at Pflugerville is a four-story multifamily building at 1305 Wells Branch Parkway. The property has 120 one-bedroom and 62 two-bedroom units, with an average unit size of roughly 920 square feet. Interior features include private patios or balconies.

This transaction marks the fifth loan Thorofare has closed in 2024.

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