Thorofare provides $28 million construction loan for Louisville apartment construction – Trade Observer

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Weyland Ventures signed $28 million in construction financing to build a multi-family project as part of a larger mixed-use development in Louisville, Ky., Commercial Observer has learned.

Capital of Thorofare provided the variable rate loan for the 189 housing units in Weyland NuLu shipyards. David Perlmanhead of Thorofare’s New York office, initiated the loan with Jacob Yi and Paul Kim direct the underwriting and execute the closing of the transaction.

Capital of the Wavesit is Ray Boorojian arranged the transaction.

Located at 815 Market Street West in the NuLu neighborhood of Louisville, east of downtown, Nulu Yards will feature studio, one-bedroom and two-bedroom apartments ranging from 500 to 1,300 square feet. Weyland also built the first Tempo by Hilton adjacent to the project, as well as a structured parking deck for Phase I of the overall Nulu Yard mixed-use development.

“We are thrilled to finance the multi-family component of this well-located and transformative mixed-use development in Louisville’s trendy NuLu submarket,” Perlman said in a statement. “We believe this project will connect NuLu Market to the soon-to-be-named Louisville Medical and Educational District, which includes 9.6 million square feet of occupied space for more than 16,000 employees who work for most major medical and educational institutions in Louisville.

The loan marks the 22nd deal that Los Angeles-based Thorofare has firm in 2022 alone. Last year, the lender executed more than $800 million in financing and is on track to top that amount by the end of the third quarter.

Weyland Ventures officials did not immediately return a request for comment.

Andrew Coen can be reached at [email protected].

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