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Cariad ALF Portfolio

$8,445,000 Acquisition & CapEx Financing

Plano, TX | McKinney, TX | April 2019

Thorofare Capital has funded an $8,445,000 short-term bridge loan for the acquisition, renovation and stabilization of two assisted living facilities known as Cariad North Brook and Cariad Village Creek in Plano and McKinney, Texas, respectively.

The sponsor opportunistically acquired the distressed portfolio from a joint venture between an institutional private equity real estate fund manager and a specialized senior living operator. These facilities were relatively small and considered “non-core” as part of much larger 200+ property portfolio owed by the seller, thus neglected from resources necessary to properly operate such assets.

The interest-only, non-recourse two year loan is structured to support an exterior and interior modernization and operations repositioning strategy in order to maximize profitability by increasing the level of patient care provided to residents.

The sponsor is a Nashville-based commercial real estate investment, development, construction, affordable housing, senior living, and property management firm with a portfolio spanning 11 states.