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Thorofare Capital Funds Loan for Acquisition of Sub-Performing Note Portfolio in Arizona

Camelot Apts
Camelot Apts
PRLog - Mar. 11, 2014 - PHOENIX -- Thorofare Capital has provided a Denver-based private investment firm with financing for the acquisition of a sub-performing note portfolio with an aggregate unpaid principal balance of approximately $8.3 million. The distressed debt portfolio is collateralized by five properties in metro Phoenix including:  Camelot Apartments, a 188-unit multifamily complex located on Camelback Road in Phoenix;  Broadmill Apartments, a 40-unit multifamily development  one-mile from Arizona State University in Tempe; Pleyton Plaza, a  19,000-square-foot office complex Phoenix; and two land parcels in Mesa.

Speed to close was of paramount importance to the buyer for this off-market note acquisition.  Thorofare Capital executed on the funding in five business days from application.  The underlying collateral of multifamily and office properties are located in desirable locations with upside through capital improvements, leasing, and improved management.

“This distressed debt acquisition represents the opportunity for the sponsor to acquire a diverse note portfolio secured by properties in a strengthening market at a basis well below replacement cost with significant value add potential,” said Thorofare Executive Vice President Ken Gaitan.

About Thorofare Capital

Los Angeles-based Thorofare Capital, Inc. is a direct portfolio lender specializing in short term commercial real estate financing for notes and improved property. Thorofare is currently deploying capital from Thorofare Asset Based Lending Fund III, L.P., its third discretionary real estate debt fund, targeting investments between $2 million to $25 million across all property types throughout the United States. With a national footprint, Thorofare has invested in excess of $265 million since 2010 in more than 70 transactions across 14 states, representing an aggregate asset value approaching $500 million. For more information, please contact: Kenneth J. Gaitan at ken@thorofarecapital.com or (213) 873-4013.

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Source:Thorofare Capital
Location:Phoenix - Arizona - United States
Industry:Finance, Real Estate
Tags:refinance, loan, cre, lending, phoenix
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