National scope. Local knowledge.
Cobble Hill Multifamily
$15,000,000 Acquisition + CapEx Financing
Brooklyn, NY | November 2018
Thorofare Capital has funded a $15,000,000 Institutional Loan for the acquisition and renovation of three (3) contiguous buildings totaling 30 residential apartment units with 1,010 SF of ground floor retail, in the Cobble Hill neighborhood of Brooklyn, New York.
The 1900 to 1924-built properties will undergo a substantial overhaul totaling nearly $5,000,000 of planned renovations, to achieve prevailing sub-market fair market rental rates for the residential units as well as the ground floor commercial retail space. At the time of closing, the properties were 77% occupied.
This portfolio is well located in the Cobble Hill neighborhood of New York with a median HH income of $122,779 and $82,744 in a 1- and 3-mile radius. Cobble Hill features some of the most notable schools in the borough, including Brooklyn School for Global Studies and The School for International Studies. In addition, the Subject Property is located 0.4 miles away from Borough Hill Metro Station which provides interconnectivity between East New York and the Bronx.
Thorofare provided a competitively-priced 5-year, floating rate, non-recourse, interest-only loan featuring a future funding facility towards planned renovations and leasing costs.
The Sponsor is a New York based real estate developer, operator, owner, and manager that has $200 million of assets under management across 15 properties throughout numerous sub-markets of New York City and Brooklyn.