Thorofare Capital, an affiliate of asset management platform Callodine Group, LLC, provided a bridge loan to Wilson Capital to refinance an existing construction loan on The Jovie at Pflugerville.
Thorofare’s director of originations, Jonathan Hart, originated the loan with colleagues Eddie Prosser, head of credit, and Henry Johnson, senior associate leading the underwriting, and executing the closing of the financing. Wilson Capital was represented by B.K. Newsom, vice president of capital markets at CBRE Debt & Structured Finance in Austin.
Hart said, “This interim construction take-out loan will enable the sponsor to lease-up and stabilize the asset before moving to long-term permanent financing. The forecasted rebound of the market from its earlier softness, coupled with a tight supply of active adult properties and superior sponsorship, made this deal particularly compelling.”
Pflugerville has emerged as a notable destination that is attracting increased interest among Austin’s suburban areas. Demand for rental properties in this suburb reached historically significant levels over the past year, positioning it as the second highest in the Austin metropolitan region. Currently, including The Jovie at Pflugerville, there are roughly 700 existing 55+ units, and no age 55+ projects in the development pipeline within a five-mile radius of the property.
This transaction marks the fifth 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.
Felix Gutnikov, Thorofare’s head of originations, said “The loan is in line with our strategy of lending on high-quality assets and supporting sponsors with strong track records. In this uncertain interest rate, capital markets and economic environment, we will focus on loan portfolio growth with cautious optimism and prioritize relationship lending opportunities.”
