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El Cortez Apartments
Phoenix, AZ | April 2019
Thorofare Capital has funded an $11,380,000 intermediate-term whole loan for the post-acquisition (asset was acquired in an all-cash transaction) and renovation financing of El Cortez Apartments in Phoenix, Arizona. Thorofare closed the transaction in less than 30 days from application to funding.
The sponsor has plans to refurbish the exterior of the property, upgrade the common areas and enhance the unit interiors to achieve prevailing market rents. At the time of closing, the property was 67% occupied and continuing through its lease-up.
Located on 7th Avenue across from Saint Joseph’s Hospital and Medical Center, the 158-unit, class B multifamily complex is walking distance to the Central Corridor office submarket, Central Park Mall and Phoenix College. The interest-only, non-recourse five year loan was competitively priced and includes a future funding facility.
The Sponsor is a boutique investment adviser and private equity fund sponsor that specializes in the acquisition and development of complex, situational and undervalued multifamily, retail, office and industrial properties.