THOROFARE CAPITAL FUNDS $8.2M LOAN FOR ATLANTA APARTMENT PORTFOLIO

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ATLANTA — Thorofare Capital has funded a $8.2 million recapitalization loan for a three-property multifamily portfolio totaling 420 units in the greater Atlanta area. The properties are owned by an Arizona-based distressed real estate investment and management firm. The three properties include Dwell at the View (80 percent occupied) and Dwell at 55 (67 percent occupied) in Atlanta, in addition to Dwell at 1794 (74 percent occupied) in Marietta, a northern suburb of Atlanta. The sponsor plans to use the proceeds of the loan to pay off existing debt, provide equity for a separate purchase and reserve around $900,000 for capital improvements.

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