In the news. Around the nation.
Thorofare Lends $35.8M Against Dallas Office Complex
Thorofare Capital has provided $35.8 million of short-term financing against Heritage Square I & II, a 368,214-square-foot office complex in Dallas, allowing the property’s owner, Brookwood Financial Partners, to refinance existing debt and fund the property’s stabilization.
Thorofare Originates $54,000,000 In Bridge Loans Out Of Its Newest Debt Fund
Thorofare Capital, together with its subsidiaries, has originated $54 million in short-term first mortgage debt out of its recently launched Thorofare Asset Based Lending Fund IV, L.P., a closed-end debt fund vehicle with a target deployment capitalization of $450 million.
Gundlach’s DoubleLine Teams With Thorofare On Bridge Loans
DoubleLine Capital, announced that it is teaming up with fellow downtown firm Thorofare Capital in a move that will give DoubleLine’s investors access to a new pool of short-term real estate loans. Under an exclusive arrangement, Thorofare will underwrite and originate middle-market commercial real estate loans – with terms of between two and five years – that it will then sell to DoubleLine.
Thorofare Deploys $236 Million In Financing
Thorofare Capital has fully invested Thorofare Asset Based Lending Fund II, L.P., deploying $236.5 million for 51 commercial real estate bridge loans across 15 states.
Thorofare Funds $23.7M Acquisition Loan for Pellisier Logistics Center
JLL Capital Markets has secured $23.7 million in acquisition financing for Pellisier Logistics Center, an industrial warehouse and distribution property located at 1901 W. Center St. in Colton. Marc Schillinger, Keith Rosso and Eric Boucher of JLL’s Debt & Structured Finance group in Century City, Calif., placed the two-year, fixed-rate loan with Thorofare Capital for the borrower, a privately owned apparel manufacturer. Loan proceeds were used to purchase the asset immediately upon completion by developer Hillwood Investment Properties, a Perot Co.
Thorofare Capital Funds $13.1M Loan for Pinellas Business Center
Thorofare Capital provided a $13.1 million loan for the 206,000-square-foot Pinellas Business Center. The six-building property occupies 18 acres at 10901 to 11001 Roosevelt Blvd. and 1000 112th Circle N. in the Pinellas Gateway District. Developed between 1985 and 1986, the park has single-story office and industrial facilities with grade-level and dock-high doors and showroom space. Denholtz has owned the asset since 2001, Yardi Matrix shows.
Thorofare Funds $23.7M Acquisition Loan for SoCal Logistics Center
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.
Thorofare Provides $13.1M Refinancing for Pinellas Business Center
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 Funds $13.1M Loan for Pinellas Business Center
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 Funds $26M Loan for R&D / Office Buildings in El Segundo, CA
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.
Thorofare Capital Funds $24M Acquisition Loan for Beverly Hills Portfolio
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.
Thorofare Featured in Globe Street on Interest Rate Trends in Commercial Real Estate
Interest rate increases at the end of 2018 stalled the capital markets, but with interest rates remaining low this year, borrower demand has rebounded.
Denis Barreto, Jr. Joins Thorofare Capital as Director of Credit
He brings more than 12 years of experience in underwriting commercial real estate investments, including equity, debt and structured finance transactions.
Thorofare Provides $53,500,000 for CT Multifamily Portfolio
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.