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PHOENIX — Thorofare Capital has provided a $11.4 million loan for the acquisition of a multifamily property in Phoenix. The name of the borrower was not released. The Class B property features 158 apartments and was 67 percent occupied at closing.
The non-recourse loan features a five-year floating rate with interest-only payments. Additionally, the financing features 75 percent loan-to-cost ratio and funding for future capital expenditures.
Kevin Miller, Felix Gutnikov and Daniel Pavlinik of Thorofare Capital handled the financing.