National scope. Local knowledge.
$15,550,000 Refinance & CapEx
San Francisco, CA | December 2018
Thorofare Capital has funded a $15,500,000 Short-Term Bridge Loan for the refinance, capital improvements and capacity expansion of Portola Gardens, an assisted living facility in the Portola Gardens District and University Mound sub-market of San Francisco.
The proceeds from the 1.5-year, floating rate, interest-only loan were utilized by the sponsor to repay its original acquisition financing, continue the expansion of the bed count to increase capacity and complete an ongoing renovation of what was previously a distressed asset due to an unsustainable capital structure for the facility’s prior owners.
The 36,980 SF, 3-story facility is managed by an experienced third party Northern California-based senior living operator.
The sponsor is an Irvine, California-based commercial real estate development company and full-service management company that has developed or repositioned more than 150 assets nationwide since 2001.