Thorofare Capital has provided a $16,500,000 floating-rate senior loan for the acquisition of The Emile, a 240-unit garden-style multifamily community located in Northwest Houston, Texas.

Built in 1999, the 240-unit garden-style community offers a mix of one-, two-, and three-bedroom residences averaging 969 square feet.

The Property has benefited from approximately $2.1 million of recent capital improvements, including renovations to 138 units and exterior upgrades to paint, fire life safety systems, HVAC equipment, landscaping, and common areas.

The business plan includes $350,000 of additional capital improvements, including balcony repairs and the installation of in-unit washers and dryers. The Sponsor plans to improve operating efficiencies, increase occupancy, and stabilize the Property.

Loan proceeds were used to fund the acquisition, capital improvements, reserves, and closing costs.

The Sponsor is a Miami-based real estate investment manager focused on the U.S. market with a track record of investing more than $3.4 billion across direct real estate investments and credit strategies.