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Thirteen East + West
$14,250,000 Acquisition & CapEx Financing
New York, NY | March 2019
Thorofare Capital has funded a short-term bridge loan for the acquisition of Thirteen East + West. Thorofare was able to close this financing transaction within 10 business days from application to funding, in order to support the sponsor’s opportunistic acquisition in an off-market transaction.
Situated in the East Village, Thirteen East + West offers 12 full-floor two-bedroom units across two non-contiguous 6-story buildings. The buildings are located just one block from the L train on 14th Street, near Target and Trader Joe’s, walking distance to Union Square. Each of the units include floor-to-ceiling windows, private storage, and balconies as well as a single-car garage.
The one-year, non-recourse, interest-only loan was priced at a competitive spread over the 1-month LIBOR index and offers maximum prepayment flexibility.
The sponsor is a New York City-based private investor with a growing portfolio of multifamily and commercial properties in New York and Connecticut.