SAN DIEGO — Thorofare Capital, an affiliate of asset management platform Callodine Group, has provided a $26 million loan to Chapman Place LLC for the refinancing and lease-up of Chapman Place Apartments.
Located in San Diego’s Point Loma submarket, Chapman Place Apartments features 82 units in a mix of 40 studios, 36 one-bedroom units and six two-bedroom units with an average size of 584 square feet.
The three-story multifamily property is located at 3910 Chapman St. and was built to condominium-level finishes with a variety of amenities. Southwest Equity Partners manages the community.
Thorofare’s floating-rate, short-term bridge loan will provide the borrower, a private investor, with runway to lease up and stabilize occupancy. The property was 25 percent leased at the time of loan closing, with most of the loan proceeds utilized to retire the original construction loan.
Andrew Kim, Paul Hachigian and Jacob Yi of Thorofare originated the loan.