Thorofare Capital Funds $19M Bridge Loan for Assisted Living Community in Phoenix
PHOENIX — Thorofare Capital has provided a $19 million, fixed-rate bridge loan to an affiliate of ArciTerra Cos. LLC. The funds will be used to refinance debt on MorningStar at Arcadia, a 135-bed assisted living community in Phoenix.
Located on a 1.1-acre site, the community features 80 assisted living units and 30 memory care units in a four-story, 139,643-square-foot building. MorningStar Senior Living operates the property, which opened in 2014.
The funds will retire the construction loan on the community and result in more equity for the ownership, a Phoenix-based real estate investment and development company. The term is two years of interest-only payments.
Thorofare Capital is a Los Angeles-based investment manager specializing in senior mortgage debt for middle-market commercial real estate assets.