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Corner 2nd Apartments

Corner 2nd Apartments

$24,700,000 Lease-Up Bridge Loan

Philadelphia, PA | December 2023

Thorofare Capital has provided a $24,700,000 floating-rate senior loan for the completion and lease-up of the Coner 2nd Apartments, a newly constructed 71-unit Class A multifamily property with 10,016 SF of ground-floor retail space.

Corner 2nd Apartments boasts top of market finishes, including floor to ceiling windows, 11-foot ceilings, stainless steel appliances, shaker cabinetry, quartz countertops, waterfall kitchen islands, and floor-to-ceiling quartz bathroom finishes. The property also features a landscaped courtyard, rooftop terrace, fitness center, covered parking, and balconies for nearly all units.

The Property is in the Fishtown/Northern Liberties submarket, an area renowned for its shopping, dining, and nightlife. Additionally, it is close to major employment centers in Center City, Southern New Jersey, and University City, boasting a walk score of 98 and a bike score of 86.

The interest-only, structured loan was utilized by the sponsor to pay off the original construction loan, fund the remaining costs to complete the project and cover shortfalls through the stabilization of the mixed-use property.

The sponsor is a vertically-integrated developer, investor and manager of multifamily and mixed-use projects throughout the Philadelphia market.