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Chapman Place

Chapman Place

$26,200,000 Lease-Up Bridge Loan

San Diego, CA | January 2024

Thorofare Capital has provided a $26,200,000 floating-rate senior loan for the refinance of Chapman Place, an 82-unit newly constructed Class A apartment community located in the Point Loma submarket of San Diego.

Chapman Place consists of four, three-story buildings, with a total of 47,856 SF and includes 27 parking spaces. The Property consists of studio, 1BR, and 2BR units all of which come with luxury vinyl wood plank style flooring, quartz countertops, stainless steel appliances, in-unit washers/dryers, and dishwashers. Amenities at the Chapman Place include a pool, patio area with firepits, BBQs, concierge trash service, fitness center, clubhouse / lounge with pool table, Amazon package lockers, storage lockers, EV charging stations, bike storage, and keyless access control.

The property is a newly constructed, Class A multifamily development located near SeaWorld (2.0-mi) and Midway Rising’s new Sports Arena development (0.8-mi).

The loan carries an initial term of 24 months with one option subject to performance milestones. The Property delivered in November 2023 and is undergoing its lease-up.

The sponsor is a local, private investor.