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  • $5,625,000 Acquisition & CapEx Financing

  • Tulsa, OK | Apr 2015

  • Thorofare Capital has funded a $5,625,000 floating rate commercial mortgage for the acquisition and renovation of Waterstone Apartments, a 243-unit multifamily property located in Tulsa, Oklahoma. The non-recourse financing structure included an initial term of three years with extensions, and was sized to 75% of the total project capitalization. Including interest-only payments for the full term of the loan, the loan allows for full sale or refinancing flexibility after just 12 months of yield maintenance. Thorofare included approximately $1,300,870 in CapEx reserves to support the sponsors renovation plans. The sponsor purchased the property from a seller who originally acquired a non-performing loan that secured the property, then took title through foreclosure. The sponsor plans to improving the common areas as well as upgrading the interiors to maximize value and drive rents, while increasing occupancy from the low 80’s to the mid 90’s, which is the average occupancy for this sub-market.

    Waterstone Apartments is comprised of 243 units within three separate apartment complexes that were built at different times. The first apartment complex, originally known as Stony Brook, is an approximately 50-year-old (completed in 1965), two-story, walk-up with elevated walkways to access the upper units. The second apartment complex, originally known as The Gardens, is an approximately 45-year-old (completed in 1970) single-story, duplex-style apartment complex. The third apartment complex, originally known as The Duplex, is an approximately 37-year-old (completed in 1978) single-story, duplex-style arrangement with either two, three or four units per building. All units were renovated in 2008, including new roofing, cabinets, appliances, furnaces and exterior painting.

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