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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).