Thorofare Capital has provided a $7,383,000 floating-rate senior bridge loan to refinance Ridgeline Apartments, a newly delivered Class A multifamily property located in Denver, Colorado. The property consists of 32 residential units within a five-story, elevator-served building with ground-level parking.

Loan proceeds were used to refinance the existing construction loan, fund reserves, cover post-completion costs, and pay closing expenses. At closing, the property was in the early stages of lease-up, with stabilization projected following the burn-off of initial concession packages.

The business plan is focused on completing lease-up and achieving stabilized occupancy in the months following closing. The property offers modern unit finishes and resident amenities, including a fitness center and roof deck.

The property is located in the Sloan’s Lake neighborhood, a highly sought-after submarket just northwest of Downtown Denver.

The sponsor developed the property and is executing a lease-up strategy with plans to refinance the bridge loan upon stabilization.