Thorofare Capital Lends $25M on Philly Luxury Multifamily Asset
The December closing brought Thorofare’s 2023 deal volume to $623M across 19 originations
By Brian Pascus January 11, 2024 4:08 pm
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Thorofare Capital ended 2023 on a high note.
The Los Angeles-based lender provided a $24.7 million loan to Palladium Group to refinance and lease up Corner 2nd, a five-story, 71-unit, luxury multifamily apartment complex in Downtown Philadelphia, Commercial Observer has learned.
The transaction closed in December 2023, bringing Thorofare Capital’s total deal volume on the year to $623 million in originations across 19 loan closings.
The short-term, floating-rate bridge loan is intended to stabilize the property during lease-up.
Palladium Group specializes in development, acquisitions and property management in the greater Philadelphia and southern New Jersey area.
Jonathan Hart, director of originations out of Thorofare’s Dallas office, originated the loan together with Head of Credit Eddie Prosser and Henry Johnson. James Conley and Neil Campbell of Institutional Property Advisors arranged the loan on behalf of Palladium Group.
“Palladium’s best-in-class construction standards coupled with their deep local expertise and the anticipated multifamily supply reduction were contributing factors that attracted us to this financing opportunity,” said Hart in a statement.
Located at 1112 North Second Street, within the Fishtown neighborhood of northeast Philadelphia, Corner 2nd includes 61 one-bedroom units, eight two-bedrooms units, and two studios. Units feature 11-foot ceilings, quartz finishes, stainless steel appliances, and floor-to-ceiling windows.
The property also includes 10,016 square feet of rentable commercial space on the ground floor. The site is a short walk from the Center City and University City sections of Downtown Philadelphia.
“Corner 2nd sets a new benchmark for luxurious urban living, boasting an impressive design and an ideal location,” said Michael Petrikowsky of Palladium in a statement.
Brian Pascus can be reached at bpascus@commercialobserver.com
