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Bay Area Senior Living

$12,100,000 Note-on-Note Financing

San Jose, CA | October 2020

Thorofare Capital has funded a $12.1 million note-on-note repurchase facility for the acquisition of a performing construction loan, which is secured by a Class A senior living community development. The underlying project is progressing and was approximately 80%-complete at the time of closing, with its completion slated by year-end.

Thorofare provided a non-recourse, matched-term financing option to an institutional investment manager who acquired the loan, in an off-market transaction, from a mortgage REIT.

The sub-market fundamentals present a strong case for demand/supply metrics for senior-living valuations due to the growing seniors population in the primary market area, the high cost of land and difficult entitlement process.

The sponsor is a leading investment management firm focused on various opportunities, value-add and core-plus equity and debt investments throughout the U.S.