Thorofare Supplies $28M Construction Loan for Louisville Apartments Build
By Andrew Coen August 8, 2022 3:56 pm
reprints
Weyland Ventures has inked $28 million of construction financing to build a multifamily project as part of a larger mixed-use development in Louisville, Ky., Commercial Observer has learned.
Thorofare Capital provided the floating-rate loan for Weyland’s 189-unit NuLu Yards. David Perlman, head of Thorofare’s New York office, originated the loan with Jacob Yi and Paul Kim leading the underwriting and executing the closing of the deal.
Wave Capital’s Ray Boorojian arranged the transaction.
Located at 815 West Market Street in Louisville’s NuLu neighborhood east of downtown, Nulu Yards will comprise studio, one-bedroom and two-bedroom apartments ranging from 500 to 1,300 square feet. Weyland is also building the first Tempo by Hilton adjacent to the project, as well as a structured parking deck for phase I of the overall Nulu Yard mixed-use development.
“We are thrilled to be financing the multifamily component for this well-located and transformative mixed-use development in the hip NuLu submarket of Louisville,” Perlman said in a statement. “We believe this project will link NuLu market to the soon-to-be-named Louisville Medical and Education District that consists of 9.6 million square feet of occupied space for over 16,000 employees that work for most of Louisville’s leading medical and education facilities.”
The loan marks the 22nd deal Los Angeles-based Thorofare has closed in 2022 alone. Last year the lender executed more than $800 million in financing and is on pace to exceed that amount by the end of the third quarter.
Officials at Weyland Ventures did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
