LOS ANGELES-Thorofare Capital has announced two new hires. The additions are a prelude to its plans to roll out a third fund targeted at $300 million by the fourth quarter of this year.
Joining Thorofare are EVP Ken Gaitan, a former Bank of America western regional manager whose resume including stops at Merrill Lynch and JP Morgan Chase during his 26 years in CRE lending and mortgage banking; and VP of underwriting Larry Wass, most recently at Newmark, Grubb, Knight, Frank and formerly of Cushman & Wakefield, a 20-year veteran of CRE.
Brendan Miller, co-president at Thorofare, tells GlobeSt.com that the planned new fund “will continue with our focus on shorter duration bridge loans with 12-24 month terms.” Miller says the fund will be “nationwide in scope.” The $15 million and under space is where the fund's primary focus will be, Miller says, noting that distressed asset purchases are keeping the firm very busy.
“There seems to be less players in the space. Traditionally, it's been a cottage industry dominated by local players, and we've tried to take a more institutional approach to this space. Most major banks stayed out of it because it's not deploying enough capital.”
Gaitan adds that credit guidelines for banks and institutional players in the bridge loan space “are not willing to take on interim situations that require creativity, speed and maybe a value-add or value harvesting at work. So, in a sense, the credit box is too small.”
As previously reported by GlobeSt.com, Thorofare closed more than nine transactions in five states for 10 different property types during the final days of last year.
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