US$28 million in construction financing has been secured for the development of Nulu Yards, a new multifamily project in Louisville, Kentucky. Developed by Weyland Ventures, the project will be located at 815 West Market Street in the NuLu neighborhood, downtown Louisville. It will have 500–1,300 square foot studios, one–bedroom, and two-bedroom units.
Alongside the residential units, the company will build the first Tempo by Hilton. Additionally, they are working on a structured parking deck for the first phase of the larger Nulu Yard mixed-use complex. Within a broader mixed-use development, Nulu Yards is located in Louisville’s hip NuLu neighborhood.
The team behind the US$ 28M NuLu Yards financing
The floating-rate loan for the 189-unit NuLu Yards was granted by Thorofare Capital. Moreover, the loan was initiated by David Perlman, the director of Thorofare’s New York office. Paul Kim and Jacob Yi, on the other hand, were in charge of underwriting and finalizing the contract. Furthermore, Ray Boorojian of Wave Capital organized the acquisition.
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The financing is the 22nd transaction that Los Angeles-based Thorofare has completed in 2022 alone. Noteworthy, the lender completed more than US$ 800M worth of financing transactions last year. By the end of the third quarter, it is expected to have done even better.
Remarks on this acquisition
“We are happy to be financing the multifamily portion of this beautifully situated and ground-breaking mixed-use development in Louisville’s trendy NuLu neighborhood,” said David Perlman of Thorofare Capital.
“We think the multifamily project will connect the NuLu market to the soon-to-be-named Louisville Medical and Education District. The district includes 9.6 million square feet of occupied space for over 16,000 employees who work for most of Louisville’s top medical and educational facilities,” revealed Perlman.
