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The Grant Apartments
$11,808,000 Pre-Stabilization Financing
Cleveland, OH | July 2022
Thorofare Capital has funded a $11,808,000 short-term, floating rate bridge loan for The Grant Apartments in Downtown Cleveland, Ohio.
Originally built in 1875, the historic property was acquired in 2019 then extensively renovated from 2019-2021 with a full overhaul of all common areas, amenities, and unit interior upgrades.
The property offers indoor garage parking, community lounges, dog amenities, coffee stations, a fitness studio, and a furnished courtyard.
The sponsor utilized the short-term refinance proceeds to pay off its original construction/rehab loan and fund reserves through stabilization.
Since the peak of the COVID-19 pandemic the Downtown Cleveland multifamily market has rebounded substantially, and the property has benefited from an increase of rental rates while occupancy has risen to over 94%.
The interest-only loan carries an initial term of 18 months, as well as a performance-based extension option and a flexible prepayment window.
The Grant Apartments is well located with a 92 Walk Score and benefits from a plethora of nearby amenities including The House of Blues Cleveland (adjacent to the subject Property) and East 4th Street, a pedestrian friendly street with a bowling alley, arcade, and 400-seat comedy venue along with many bars and dining options.
The sponsor is local and experienced in ground up and value-add multifamily space throughout Ohio.