Thorofare Capital Finances Acquisition of Distressed Las Vegas Apartment Portfoliio

LOS ANGELES - July 20, 2015 - PRLog -- Los Angeles-based portfolio lender Thorofare Capital has provided an affiliate of California Capital Real Estate Advisors (CALCAP) with a $12.125 million fixed-rate bridge loan for the acquisition and repositioning of an REO portfolio of two apartment home communities in Las Vegas, NV.

The distressed portfolio includes Ridgewood Apartments, a 112-unit community located at 3355 South Arville Street, and Evergreen Apartments, a 228-unit community located at 5400 West Cheyenne Avenue.   CALCAP acquired the assets through Auction.com from Miami-based CMBS special servicer LNR Partners, LLC.  Each property had suffered from a lack of capital infusion after being taken over through receivership in late 2014, leading to a deterioration of the properties’ physical condition and perception within the rental market.

A portion of the proceeds will be used to fund a multi-million-dollar capital improvement program across the 340-unit portfolio.  Planned improvements include renovation of the exterior and common areas as well as refurbishment of 68 units that were taken out of rental inventory due to the limited availability of capital needed to turn the units.

Thorofare funded the non-recourse acquisition facility in just 20 days from application to meet the shortened escrow period.  The financing structure included an interest reserve, and does not require amortization during the full term.

The sponsor has retained Las Vegas-based B&R Property Management to oversee the renovations.  Their business plan is to perform capital expenditures in vacant units and as tenancy rolls over, lease up the property at market rental rates, and maximize value through efficient property management.

CALCAP is a Los Angeles-based real estate investment company operating subsidiaries focused on value-add multifamily acquisitions, property management, and real estate lending across California, Nevada, and Arizona.  The firm has acquired in excess of 2,200 apartment units since 2011.  The property manager, B&R Property Management, currently supervises more than 5,000 units across 26 properties, all in the Las Vegas area.

About Thorofare

Los Angeles-based Thorofare Capital ("Thorofare") is a middle market loan origination and servicing company.  Operating a series of debt funds and managed accounts on behalf of institutional and high-net-worth investors, the firm focuses on providing debt solutions to borrowers seeking to acquire or recapitalize value-add and opportunistic middle market commercial real estate transactions. Since inception in 2010, Thorofare and its affiliates have originated loans totaling more than  $575 million  secured by commercial real estate assets located in 26 states throughout the US.

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This communication is for informational purposes only and intended for our non-advisory loan origination and servicing clients only. As such, nothing herein is an offer or solicitation for the purchase or sale of any security, may not be relied upon in connection therewith, and is qualified in its entirety by any related Private Placement Memorandum and Partnership Agreement. An investment in a private real estate fund involves a substantial degree of risk and investors could lose some or all of their investment. SEC registration does not imply any particular level of skill.