In the news. Around the nation.

LOS ANGELES, CALIF. – Los Angeles-based Thorofare Capital funded a $23.7 million acquisition loan for Pellisier Logistics Center, a 232,588-square-foot, fully leased industrial warehouse and distribution property in Colton, CA. JLL Capital Markets’ Marc Schillinger, Keith Rosso and Eric Boucher arranged the financing on behalf of the borrower group, an unnamed privately-owned apparel manufacturer.

In St. Petersburg, New York-based Thorofare Capital funded a $13.1 million refinancing of the debt on Pinellas Business Center, which is also a one-story building with no shared lobbies. David Perlman, managing director at Thorofare, told the Tampa Bay Business Journal that he was anticipating the building would see increased interest from companies due to Covid-19. The pandemic has decision-makers rethinking their approach to office space, and without shared lobbies or elevators, a single-story office or flex building like Regency North offers more control than a multitenant office tower or midrise.

Thorofare Capital has funded a $13.1M loan to finance Pinellas Business Center, a 206,000 SF office and industrial property located in St. Petersburg, Florida.

Thorofare Capital has funded a $26 million loan to refinance two R&D and office buildings in El Segundo. The short-term bridge loan features a 50 percent loan-to-cost ratio, pre-development financing and a two-year base loan term with extension options. Felix Gutnikov, David Perlman, Andrew Kim and Jeff Scappini of Thorofare closed the loan for the undisclosed borrower.

The properties include 415 North Camden Dr., a 17,936-square-foot, two-story mixed-use retail, medical and office use building in the renowned Beverly Hills Golden Triangle. The second property includes a 10,884-square-foot medical office building, located at 152-160 South Lasky Dr., adjacent to the Lasky Hotel development across the street from the Peninsula Hotel.

Interest rate increases at the end of 2018 stalled the capital markets, but with interest rates remaining low this year, borrower demand has rebounded.

He brings more than 12 years of experience in underwriting commercial real estate investments, including equity, debt and structured finance transactions.

The financing is secured by Bereley at Waypointe and Quincy Lofts, two Class-A apartment communities developed in 2016 by the sponsor, a joint venture between affiliates of Alex. Brown Realty, Inc. and Belpointe Companies.

El Cortez Apartments is a value-add project that features 158 apartments and was 67 percent occupied at closing.

Thorofare Capital is featured in Multi-Housing News’ article to describe how non-bank multifamily bridge lenders are finding innovative ways to stay competitive with banks.