LOS ANGELES—Thorofare Capital has launched a $400 million allocation for floating-rate commercial bridge loans. The program will fund $5-million to $25-million senior loans for multifamily, retail, industrial, hospitality and office properties with terms between two and five years, as well as the financing for non-performing loan acquisitions, discounted note payoffs and note portfolios.

“We decided to launch this new platform to fill the capital void that exists for sponsors who want to execute more value-add business plans on transitional assets, which typically take a longer period of time to execute and generally do not justify the higher coupon of our other opportunistic funds,” Kevin Miller, CEO of Thorofare, tells GlobeSt.com. “This is a continuation of our overall strategy of providing best in class service and products to the commercial real estate middle market.”

The platform will fund loans with rates of 5.5% and up to 75% loan-to-value. The investment vehicle's $400 million was raised through a conglomerate of private capital that includes institutions, discretionary money managers, family offices and high net worth individuals. Thorofare currently funds fixed-rate, higher-priced senior loans for value-add transitional investments. This investment vehicle recently deployed $236 million in financing for more than 50 loans across 15 states.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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