THOROFARE CAPITAL FUNDS $28M LOAN FOR MULTIFAMILY PORTFOLIO BUYOUT

NEW YORK CITY — Thorofare Capital has funded a $28 million short-term loan to finance a partnership buyout of a seven-building, 254-unit multifamily portfolio in Brooklyn and the Bronx. The borrower sought financing to buy out its institutional investment partners that originally acquired a majority equity stake in a larger portfolio, including the seven multifamily properties, seven years ago. The portfolio includes three properties in Brooklyn’s Flatbush neighborhood: a four-story, 24-unit residential building on East 21st Street; a seven-story, 39-unit apartment building located on Ocean Avenue; and four-story residential building on Beverly Road. The portfolio also includes four properties in the Bronx: a six-story, 54-unit mixed-use property on East 168th Street a six-story; 56-unit residential building on Franklin Avenue; a five-story, 36-unit apartment building located on Franklin Avenue; and a five-story residential building on Hull Avenue. Thorofare placed the loan through its third discretionary investment vehicle, Thorofare Asset Based Lending Fund III.