Thorofare Capital Provides $24.7M Short-Term Refinance Loan For Corner 2nd Luxury Apartments, Philadelphia

The Corner 2nd luxury apartment complex in Downtown Philadelphia has undergone a refinancing and stabilization process thanks to a short-term bridge loan provided by Thorofare Capital. The property, located at 1112 North 2nd Street, consists of a five-story building with 71 units. The loan amount provided by Thorofare Capital was $24.7 million. The goal of this refinance is to contribute to the property's stability and enhance its value in the Philadelphia market.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $24,700,000
• Units: 71
• Address: 1112 North 2nd Street
• Market: Philadelphia

Thorofare Capital, a Los Angeles-based lender, played a significant role in this loan transaction, ending 2023 on a high note. With a total deal volume of $623 million across 19 loan closings for the year, the lender provided the necessary funds to Palladium Group, represented by the landlord Michael Petrikowsky. The expertise of James Conley and Neil Campbell from Institutional Property Advisors served as valuable brokers in facilitating this refinancing deal for the Corner 2nd luxury apartment complex.

It is worth noting that the loan provided by Thorofare Capital is a short-term, floating-rate loan. This financial arrangement aims to stabilize and support the Corner 2nd property, adding value to the Palladium Group's portfolio in Downtown Philadelphia. This transaction represents another successful collaboration in the real estate market, contributing to the growth and development of the local multifamily sector.