National scope. Local knowledge.
$11,765,000 Acquisition Financing
Portland, OR | September 2021
Thorofare Capital has funded an $11,765,000 construction loan for Shift Apartments, a to-be-built 73-unit multifamily project in the Northeast sub-market of Portland.
Shift Apartments is located within walking distance to the Killingsworth MAX stop and Portland Community College’s Cascade Campus. The neighborhood boasts several bars/restaurants as well as the Peninsula Park.
The mid-rise project will include a single five-story building featuring a mix of micro-units, studios, and one to three bedroom units. Amenities will include secured lobby area, an Amazon mail hub, a gym, and bike storage, and a community lounge with kitchen facilities. In addition, the project will include a usable roof deck with a fire pit, grill, and a wood trellis that partially covers the open area.
The 30-month, interest-only loan includes an extension option and a future-funding CapEx Holdback for approved development costs.
The sponsor is a Portland-based real estate development firm with a track record of executing ground up developments in Portland and the Pacific Northwest.