Private debt activity is growing. While banks, institutions and the agencies are taking a bulk of the pie, private lenders are filling a void for small and mid-sized operators. To find out more about this activity, what is driving private debt and to get an outlook on private capital activity this year, we sat down with Brendan Miller, chief investment officer at Thorofare Capital, for an exclusive interview.

GlobeSt.com: What role is private debt play in the capital markets today?

Brendan Miller: Private debt is fulfilling a void in the capital markets, particularly for the benefit of smaller and mid-sized real estate operators as traditional banks have focused on servicing larger borrowing relationships. The primary role of private debt is to provide capital to bridge a Borrower through their business plan, which can include a renovation, repositioning through new or active management, or even a bridge to sale.

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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.