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Solaris Residences

Solaris Residences

Undisclosed Amount Condo Inventory Loan

Vail, CO | April 2021

Thorofare Capital has funded an condo inventory loan for the Solaris Residences, a portfolio of unsold condominium units within a luxury, for-sale residential and retail project located at the heart of Vail Village.

The facility includes partial release prices for prepayment through one-off unit sales, a flexible prepayment window and reserves to cover carry costs through the sell-out of the remaining inventory in the portfolio.

In 2020, the Vail residential market experienced records in sales volume as well as record high average sales prices per square foot. Of the 379 trades in Vail last year, approximately 60% of them were condominium units.

The Vail Village area is home to some of the most expensive residential real estate in the United States.

The non-recourse, interest-only bridge loan carries an initial term of 18 months and includes two additional performance-based extension options.

The sponsor is a local private investment firm that specializes in debt and equity transactions for value-add commercial real estate throughout the Western U.S., Texas and the Northeast U.S.