National scope. Local knowledge.
NuLu Yard Apartments
$28,000,000 Construction Financing
Louisville, KY | June 2022
Thorofare Capital has funded a $28,000,000 ground-up construction loan for The Yard Apartments, also known as Residences at NuLu Yard.
The 4-story building containing 189 apartments will include 127,039 SF with 672 SF average unit sizes, and an underground parking garage of approximately 54 spaces. The building amenities will consist of an interior courtyard with swimming pool and gathering spaces, fitness room, resident lounge, and on-site management.
The NuLu Yard master plan is a mixed-use development project encompassing the construction of 294 market rate multifamily units, a 58-unit Family Scholar House, a 133-key hotel, flagged with a Tempo by Hilton (separately and recently financed by a bank), and a 280-stall freestanding parking garage. Residents of the property will have a first come-first-serve opportunity to park inside of this external garage.
Phase I of the NuLu Yard master development will include the construction of the Hilton Tempo Hotel, the subject NuLu Yard Apartments property, and the freestanding 280-space parking garage. Phase II of the master development will include the construction of an additional 105 multifamily units, a greenspace park and the 58-unit Family Scholar House.
Not part of this transaction nor this loan, the Hilton Tempo by Hilton site at 314 S. Shelby Street near East Jefferson Street will have 130 rooms, a large lounge with a bar and a rooftop bar. Per the global head of new brand development for Hilton Worldwide Holdings Inc., the NuLu area has the perfect combination of retail, restaurants and other commercial activity that made it a strong landing spot for the Hilton’s first Tempo Hotel.
The sponsor is a local real estate development firm known for creating unique mixed-use properties in urban areas, with a focus on Louisville. The sponsor’s past and current projects incorporate residential, commercial, retail, and entertainment venues that often create new and vibrant neighborhoods, while preserving heritage.