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Cedar Meadows Apartments
$11,900,000 Acquisition & CapEx Financing
Phoenix, AZ | December 2019
Thorofare Capital has funded an $11,900,000 intermediate-term whole loan for the acquisition and renovation of Cedar Meadows Apartments. The Class B, 144-unit, garden-style community is located in the West Valley multifamily sub-market of Phoenix, Arizona.
The transitional asset has not benefited from any material capital improvement for over a decade, due to its prior capital-constrained owner. The value-add acquisition allows the experienced sponsor to renovate the exterior and interiors of the units of the property, which was 73% occupied at the time of closing.
The structure of this five year senior financing includes future funding for renovations, interest-only payments for the first four years and a flexible prepayment requirement.
The sponsor is an Canadian private investment firm focused on Arizona and Texas value-add multifamily investments, with more than $1.5 billion of acquired assets throughout the last decade.