The firm continues to grow its national commercial real estate senior debt portfolio across both fixed and floating rate platforms
Los Angeles, CA (September 13, 2016) – Thorofare Capital, Inc. has funded nine loans totaling $120 million in short-term first mortgage debt in the past 60 days out of its fixed and floating rate origination platforms. The financings sourced, negotiated and closed by the firm’s investment team were secured by a variety of asset types in Washington State, California, Oregon, South Carolina, and New Jersey.
The largest of the recent financings is a $38.5 million fixed-rate loan for the refinancing of a two-building commercial complex in Seattle Washington. The Seattle Design Center and Georgetown Squared consists of a sprawling, 440,000-square-foot creative office campus and design showrooms, located in the Georgetown sub-market of Seattle. Georgetown Squared is undergoing a significant transformation to include an open-floor-plan creative office hub, with a new lobby and glass elevators, as well as a new gym.
Thorofare also provided ArcWest Partners, a joint venture between Arc Capital Partners and Belay Investment Group, with $23 million in floating rate financing for the acquisition and upgrading of the historic Chapman Plaza in the burgeoning Koreatown neighborhood of Los Angeles.
Since its founding in 2010, Thorofare has provided commercial real estate owners and investors with more than $750 million of fixed-rate bridge loans of $3 million to $40 million for the opportunistic acquisition and refinancing of opportunistic transactions through a family of debt fund vehicles. Thorofare is currently originating loans out of its Thorofare Asset Based Lending Fund IV, LP, a closed-end debt fund vehicle with a target deployment capitalization of $300 million, which is now 60 percent invested.
In 2014, the Los Angeles-based alternative-based investment advisor raised a new Separate Account from an institutional investor to originate lower-priced and longer-term floating rate senior loans for experienced sponsors who are seeking an alternative to Bank or CMBS financing on properties with a “lighter” transition, such as lease-up risk, moderate renovations or upcoming lease rollover.
To date, Thorofare has originated 14 loans totaling approximately $265 million out of it floating rate platform, which currently has a total lending capacity of $400 million. With its two product offerings, Thorofare is well positioned to provide flexible and dependable financing solutions for a wide variety of real estate transactions, according to Felix Gutnikov, EVP of Origination at Thorofare.
”We had a lot of momentum going into the summer and our team was able to capitalize on timely opportunities. Differentiating ourselves through our multi-strategy platform, certainty of execution and national presence, we were fortunate to find attractive deals across the country and deploy capital across a variety of property
types,” said Gutnikov.
Other representative deals include:
- $15,000,000 –Floating Rate Commercial Mortgage for the Acquisition, Renovation and Lease-up or a 60,740 Sq. Ft. Retail Center in Yorba Linda, California
- $13,250,000 –Floating Rate Commercial Mortgage for the Recapitalization of a 41,450 Sq. Ft. Student Housing & High Street Retail Portfolio on King Street in downtown Charleston, South Carolina
- $12,780,000 — Floating Rate Commercial Mortgage for the Acquisition and Renovation of a 48-unit Multifamily Property in Redwood City, California
- $7,888,000 — Fixed Rate Bridge Loan for the Acquisition of a 73,300 Sq. Ft. Office Building in Portland, Oregon
- $4,150,000 — Fixed Rate Bridge Loan for the Recapitalization and Renovation of a 26-unit Multifamily Property in Asbury Park, New Jersey
- $3,000,000 — Fixed Rate Bridge Loan for the Acquisition of a 65,550 Sq. Ft. Office-Flex Facility in Santa Rosa, California
- $1,900,000 — Fixed Rate Bridge Loan, as part of a larger credit facility aggregation, for the Acquisition of an STNL Property in Bridgeview, Illinois
Los Angeles-based Thorofare Capital, Inc. is a middle market loan origination and servicing company. The firm
focuses on financing transactions with a value of $3,000,000 to $30,000,000, targeting value-add and opportunistic acquisitions, recapitalizations, and distressed debt secured by transitional properties. Our affiliate, Thorofare LLC, is an SEC Registered Investment Adviser focused on alternative fixed income opportunities through US commercial real estate debt investments. We are currently deploying capital through our fourth high-yield private real estate fund, which has a target deployment capitalization of $450,000,000. For more information, please visit www.thorofarecapital.com.