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Prosper Apartments

Prosper Apartments

$45,000,000 Senior Participation

South Bend, IN | January 2024

Thorofare Capital has acquired a $45,000,000 senior participation of a floating-rate whole loan for the refinance of the Prosper Apartments, a 724-unit apartment community located in South Bend, Indiana.

Prosper Apartments is a Class B garden-style multifamily community situated on 47.3 acres. The community consists of twenty-eight (28) two-story garden-style apartment buildings totaling 620,391 SF and includes 971 parking spaces. Amenities at the property include a clubhouse, movie theatre media room, fitness center, and indoor pool.

The property was distressed prior to the sponsor’s ownership. Since acquiring the property, the sponsor invested over $11 million in capital expenditures, including a roof replacement, interior renovations, and corridor upgrades.

The whole loan carries an initial term of 24 months with two conditional extension options. At loan origination, the property was 91.6% leased.

The sponsor is a regional real estate investor with a focus on Midwest multifamily assets.