Thorofare Capital Provides Financing for The Jovie at Pflugerville Active Adult Community in Texas

by Jeff Shaw

PFLUGERVILLE, Texas — Thorofare Capital has provided a bridge loan to Wilson Capital to refinance an existing construction loan on The Jovie at Pflugerville. 

The newly completed, 182-unit, Class A active adult multifamily community opened in mid-2023 and is situated roughly 20 miles north of Austin. The loan amount was not disclosed.

Thorofare’s director of originations, Jonathan Hart, originated the loan with colleagues Eddie Prosser, head of credit, and Henry Johnson, senior associate leading the underwriting. Wilson Capital was represented by B.K. Newsom, vice president of capital markets at CBRE Debt & Structured Finance in Austin.

“This interim construction take-out loan will enable the sponsor to lease-up and stabilize the asset before moving to long-term permanent financing,” says Hart. “The forecasted rebound of the market from its earlier softness, coupled with a tight supply of active adult properties and superior sponsorship, made this deal particularly compelling.”

The Jovie at Pflugerville is a four-story building featuring 120 one-bedroom units and 62 two-bedroom units and an average unit size of roughly 920 square feet.

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