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Steeple at University City

Steeple at University City

$13,000,000 Refinance

Philadelphia, PA | August 2023

Thorofare Capital has provided a $13,000,000 floating-rate senior loan for the refinance of Steeple at University City, a 65-unit apartment community located in the University City Neighborhood of Philadelphia.

Steeple at University City consists of two, four-story buildings with a total of 60,250 SF and includes 30 parking spaces. The property features the fa├žade of a historic church. The units feature air conditioning, hardwood and vinyl flooring, and white appliances. Community amenities include on-site parking, laundry room, elevator, white appliances, granite counter tops, wood cabinetry, and bike storage.

The property is well located in the University City Neighborhood which is the academic epicenter of the entire region due to University of Pennsylvania and Drexel University. University City relies on its stable student population but also has a burgeoning healthcare and life science industry. The area remains the regional leader in job opportunities for sectors including medicine, higher education, IT, construction, and hospitality.

The loan carries an initial term of 18 months with one conditional extension option and includes a reserve to fund planned capital expenditures. At loan origination, the property was 95% leased.

The sponsor is a commercial and residential property developer who currently owns 1,200 multifamily units in Philadelphia, sough New Jersey, and Delaware.