Thorofare Capital, a subsidiary of asset management firm Callodine Group, has granted a bridge loan worth $42.89 million to refinance Risor of St. Louis Park in the Twin Cities market. The property is a 170-unit mid-rise multifamily complex and is owned by Roers Companies.
The financing will primarily be used by Roers Companies to pay off an existing construction loan on the Class A property located at 3510 Beltline Boulevard, approximately 15 miles southeast of downtown Minneapolis. JLL Capital Markets’ Minneapolis office team consisting of Scott Loving, William Hintz, Scott Streiff and Gary Marchiori arranged the loan on behalf of Roers Companies.
Risor of St. Louis Park is an active community for individuals aged 55 and above that was completed in November 2023 and currently has an occupancy rate of 78%. The six-story building features one interior courtyard as well as ground-floor retail space spanning over 4,000 square feet.
According to Felix Gutnikov, Head Of Originations at Thorofare Capital,”Risor Of St.Louis Park’s location offers easy access to major employment centers and various lifestyle amenities available in the West End area.” This makes it an attractive investment opportunity for Thorofare Capital.
In summary:
– Thorofare Capital provided a $42.89 million bridge loan through its affiliate Callodine Group.
– The loan was used by sponsor Roers Companies to refinance their property Risor Of St.Louis Park -a mid-rise multifamily complex with170 units- located in Twin Cities market.
-The financing helped retire an existing construction load on this Class A property situated at Beltline Boulevard which lies about fifteen miles from downtown Minneapolis
-JLL capital markets’ team comprising Scott Loving ,William Hintz ,Scott Streiff,and Gary Marchiori facilitated this deal between both parties .
-Risors’s current occupancy stands at 78% and is an active community for individuals aged 55 and above.
– The property was completed in November 2023, features a six-story building with one interior courtyard, and has ground-floor retail space spanning over 4,000 square feet.
-Thorofare’s Head of Originations Felix Gutnikov believes that Risor Of St.Louis Park’s location offers easy access to major employment centers as well as various lifestyle amenities available in the West End area making it an attractive investment opportunity.
