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$52,500,000 Bridge Loan
Atlanta, GA | July 2023
Thorofare Capital has provided a $52,500,000 bridge loan for Seven88 Midtown, a 2020-built, 19-story luxury residential tower in the West Midtown sub-market of Atlanta, GA.
The local sponsor utilized the proceeds to retire the existing condo inventory loan, provided by a global asset manager, on the remaining 142 units within the mixed-use development. The remaining collateral consists of 195,028 square feet.
The project features studio, one-, two- and three-bedroom floor plans with floor-to-ceiling windows, outdoor spaces, and balconies on top of 8,639 square feet of ground-floor retail and a multi-story parking structure. Seven88 is near Georgia Tech and Atlanta’s HBCUs, with major corporate employers located nearby. Access to the BeltLine, Westside Park and various entertainment venues present a strong live/work/play environment for residents of the property.
The loan carries a 24-month initial term, interest-only payments, a competitively priced floating rate along with prepayment flexibility.
The sponsor is an Atlanta-based, vertically integrated private real estate investment firm with specializing in development, construction, and management of residential projects throughout Georgia and the Carolinas.