Innovative Strategies. Redefining Performance.
We continue to practice the ethos instilled within our organization from the beginning.
Our approach to commercial real estate lending is to build long-term relationships by providing a transparent, reliable and swift process to our clients. With ongoing fluctuations in the capital markets, we seek to deliver superior risk-adjusted returns to our investors while our borrowers benefit from consistent certainty of execution. This philosophy has remained unchanged since our founding in 2010.
Multi-Strategy Debt Platform
Through a series of funds, joint ventures, and separate accounts, Thorofare originates opportunistic, value-add, and core-plus loans.
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Short-Term Bridge Loans Opportunistic
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Loan Amounts
$10MM to $100MM
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Term (Years)
1+1 or 2+1
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Interest Rates
1-Month LIBOR + 600-800bps
Fixed Rates Available -
Description
Special situations, quick-closings, NPL/REO auction acquisitions, DPOs or "heavy-lift" CapEx projects
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Intermediate-Term Whole Loans Value-add
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Loan Amounts
$15MM to $60MM
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Term (Years)
2+1 or 2+1+1 or 3+1+1
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Interest Rates
1-Month LIBOR + 450-550bps
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Description
Floating rate whole loans for experienced sponsors acquiring or recapitalizing transitional properties through future-funded CapEx, TIs and LCs.
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Institutional Loans Core+
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Loan Amounts
$25MM to $75MM
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Term (Years)
3+1+1 or 4+1
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Interest Rates
1-Month LIBOR + 350-450bps
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Description
Larger loan sizes for institutional-quality properties with near-stabilized cash flow profiles
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Core+:
Institutional-like properties that have cash-flow and are considered “light†repositioning or are in a transitional phase e.g. leases rolling within the next 1-3 years and need to have structure before being refinanced with permanent CMBS, LifeCo., bank or GSE financing.
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Value-Add:
Opportunities where we finance the acquisition of a property that has leasing of vacancy or below-market in-place rents and qualified borrowers seek to add value by completion a renovation or improving management to maximize cash-flow through a well-capitalized TI/LC budget or CapEx budget. These are loans that start with 2-3 years of initial term followed by 1-3 one-year extension options totaling 5 years of total loan term. Renovation and leasing costs are "future funded".
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Opportunistic:
Typically time-constrained, quick-close special situations such as auction acquisitions, discounted loan payoffs (DPOs), non-performing loan (NPLs) acquisitions, 1031 exchange or maturing loan deadlines where qualified borrowers need a reliable, balance sheet lender to offer certainty of execution and prepayment flexibility. Also, projects that are considered “heavy liftsâ€, where CapEx future funding may exceed 50% of the total loan commitment, or a cash-flow shortfall (due to in-place occupancy at the time of loan closing or a completely vacant asset) requiring a full interest reserve funded at closing.