Thorofare Capital, an affiliate of asset management platform Callodine Group, LLC, announced a $30,000,000 loan to Grubb Properties for the construction completion and lease-up of Link NoDa Phase II, a 242-unit Class A multifamily project in Charlotte, North Carolina.
The project is part of a larger Grubb Properties’ mixed-use project, directly across the street from the NoDa light rail train station, which provides direct access to the Charlotte Central Business District.
David Perlman, managing director of Thorofare’s New York office, originated the loan with colleagues Jacob Yi, managing director, and Scott Sumida, associate, leading the underwriting, and executing the closing of the financing.
Perlman said, “We are excited to have closed our second deal in the last six months with Grubb Properties. Link NoDa Phase II is a soon-to-be completed, Class A multifamily project in a prime Southeast market. We are a strong believer in the Link Apartments brand that promotes sustainable living in a mixed-use community with easy access to mass transit and bike trails.”
Link NoDa Phase II is a Class A 242‐unit, 146,652 net rentable square foot, six-story, elevator multifamily building with one interior courtyard. Both NoDa I and II have their own independent amenities such as Clubhouse, resort style pool with sun deck, courtyards with fire pits, grilling stations, 24-hour fitness center, cycle room, yoga studio, pet spa, dog run, conference room, meeting center, and coworking spaces. Both building residents will have access to each building’s amenity package. Further, the residents share the same parking deck and residents from NoDa Phase II will access the parking deck through NoDa Phase I based on an easement that runs through the land. Both properties, based on their location, are within minutes walking to the NoDa 36th Street Lync Light Rail train station.
This transaction marks the third loan Thorofare has closed in 2024. Last year, Thorofare closed over $623.4 million in aggregate financings. Thorofare continues to work with institutional sponsors on their capital needs across the country.
“As new supply tapers off in a challenging construction financing market, providing balance sheet execution for construction-completion projects, while partnering up with subordinate co-lenders and crafting “one-stop” execution, underscores our creative approach to deliver reliable financing solutions for high quality projects nearing completion in high growth markets,” added Felix Gutnikov, Thorofare’s head of originations.
Thorofare remains an active lender for alternative categories of major CRE property types as well, including industrial outdoor storage, commercial truck parking, medical facilities, parking garages, student housing, data centers and self-storage
