On Monday, Thorofare Capital, Inc. announced the provision of a $26 million loan to Chapman Place LLC for the refinancing and lease-up of Chapman Place Apartments in San Diego’s Point Loma submarket. The borrower, a private investor, will benefit from this floating rate bridge loan which provides ample time to stabilize occupancy at the recently constructed 82-unit property located at 3910 Chapman St.
The loan was originated by Andrew Kim from Thorofare’s Los Angeles office with transaction execution handled by associate Paul Hachigian and managing director of credit Jacob Yi.
According to Kim, “We were drawn to this highly sought-after submarket due its coastal location and strong renter demographics. Additionally, there is a lack of modern luxury apartments in nearby Ocean Beach, Point Loma and Midway areas.”
Capital Partners Inc., represented by CEO Kevin M. Heisser and managing partner Jonathan Fulton in Westlake Village facilitated the financing for Chapman Place LLC.
This news marks another successful venture for Thorofare Capital as they continue their mission to provide strategic financial solutions within competitive real estate markets.
