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Lakeshore Tower

Lakeshore Tower

$19,797,000 Construction Completion

Gainsville, FL | December 2023

Thorofare Capital has provided a $19,797,000 floating-rate senior loan for the refinance and construction completion of Lakeshore Tower, a 127-unit apartment community located in Gainesville.

Lakeshore Tower consists of one, twelve-story building with a total of 100,203 SF and includes 122 parking spaces. The property offers a unique view premium relative to the competitive set consisting primarily of garden-style complexes. The renovation project encompasses every facet of the property, from individual units to common areas, exteriors, and the introduction of in-demand amenities.

The Property is well located in Gainesville which is the academic epicenter of the entire region due to the University of Florida. While defined by this university and its various schools, the neighborhood is sub-anchored by multiple medical institutions and the University of Florida Veterinary School. The subject is adjacent to the University of Florida College of Veterinary Medicine (1.1 miles via a road), University of Florida Health Shands (Main Hospital, 0.8 miles) and 1.0 miles south of University of Florida.

The loan carries an initial term of 24 months with two conditional extension options and includes a CapEx Reserve.

The sponsor is a private real estate investor with over 30 current real estate investments throughout the Northeast, Mid-Atlantic, and Southeast US. The sponsor’s current multifamily portfolio is over 3,700 units.