Thorofare Capital, Inc. (“Thorofare” or the “Company”), an affiliate of asset management platform Callodine Group, announced it provided a $24,700,000 loan to Palladium Group for the refinancing and lease-up of Corner 2nd Apartments (the “Property” or “Corner 2nd”) in Philadelphia. The transaction closed in December 2023.
Corner 2nd is a five-story, newly-built multifamily property in the Northern Liberties/Fishtown neighborhood of Philadelphia. Thorofare’s floating rate, short-term bridge loan will provide the borrower, Palladium Group, with runway to lease up and stabilize the multifamily and commercial spaces of the property.
Palladium Group’s Michael Petrikowsky said, “Corner 2nd sets a new benchmark for luxurious urban living, boasting an impressive design and an ideal location. Recently, Thorofare refinanced our existing construction loan, and their collaboration was a pleasant experience.”
The property features floor to ceiling windows, eleven-foot ceilings, stainless steel appliances, shaker-style cabinetry, quartz countertops, floor to ceiling quartz bathrooms, gas ranges, and best in class amenities. Corner 2nd is near shopping, dining, and nightlife options and highly accessible to the largest employment centers in Center City, Southern New Jersey, and University City. Palladium Group will self-manage the property.
Thorofare’s Jonathan Hart, Director of Originations in the firm’s Dallas office, originated the loan with transaction execution from Associate Henry Johnson and Head of Credit Eddie Prosser.
Hart said, “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.”
Thorofare closed 19 loans in 2023, exceeding $623 million of total originations.
In addition to residential/multifamily, industrial and core commercial property types, Thorofare also actively lends across alternative property categories, including data centers, self-storage, industrial outdoor storage, medical facilities, parking garages, student housing, RV Parks, and Mobile Home Communities.
James Conley, Senior Managing Director, Capital Markets, and Neil Campbell, Senior Director, Capital Markets, of Institutional Property Advisors in King of Prussia, PA represented Palladium Group in arranging the financing.
