Thorofare Capital (“Thorofare”), an affiliate of asset management platform Callodine Group, LLC, provided a $42,895,000 bridge loan to refinance Risor of St. Louis Park, a 170-unit mid-rise multifamily property in the Twin Cities market.
The active 55+ community property was delivered in November 2023 and is currently 78% occupied. Thorofare’s Head of Originations Felix Gutnikov commented, “Risor of St. Louis Park offers an attractive location with proximity to major employment hubs and lifestyle amenities offered in the West End area. It is particularly appealing to residents due to its combination of urban services with an abundance of parks and recreational destinations. St. Louis Park is also one of the most affluent suburbs in the metro. We are thrilled to start our relationship with Roers Companies.”
Risor of St. Louis Park is a six‐story, elevatored multifamily building with one interior courtyard and 4,000 square feet of ground‐floor retail space. The well-located property offers higher-end finish levels, large average unit sizes and a robust amenity package. Common area amenities include climate-controlled covered parking, a coffee bar, golf simulator, pet wash, fitness center, movie theater, library lounge, clubroom, pool, spa, outdoor grill stations, a pickleball court, and skylounge. Unit amenities include white cabinetry, stainless steel appliances, gas ranges, quartz countertops, vinyl plank floors, walk‐in closets, in-unit washers and dyers, and patio/balconies.
Roers Companies Senior Vice President of Finance and Asset Management Trevour Montag said, “Risor of St. Louis Park has set a high standard of living for residents since opening its doors. The property embodies the vision we have for our Risor brand of age-restricted 55+ housing communities. The financing Thorofare delivered will allow us to transition from the construction financing phase to the next phase of occupancy for this exceptional asset.”
Roers Companies is a vertically integrated multifamily firm based in the Twin Cities that has developed more than 13,000 units encompassing more than $3.2 billion in real estate. Roers Companies’ brand of active 55+ multifamily communities includes five properties across the Twin Cities suburbs.
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.
Scott Loving, William Hintz, Scott Streiff and Gary Marchiori in the Minneapolis office of JLL Capital Markets’ arranged the loan on behalf of Roers Companies.
