Thorofare Capital has funded $29.2m in loans secured by shopping centers across the country, putting to work a new $400m investment vehicle the firm announced in September, Real Estate Capital has learned.
In the largest of the three financings, the Los Angeles-based firm funded a $13.5m bridge loan for the refinancing of Forum Center, a 140,000 sq ft shopping center in the Hurstbourne Parkway corridor of Louisville, Kentucky. The non-recourse financing carries an initial term of one-and-a-half years, at LIBOR plus 680 basis points. The loan was funded through the new investment vehicle, which writes floating-rate senior loans on value-add opportunities.
Thorofare also funded $9.7m senior debt for the discounted payoff (DPO) of a construction note secured by The Market Station at Santa Fe Rail Yard, a Class A retail property at 500 Market Street in Santa Fe, New Mexico; and a $7m bridge loan for the recapitalization, capital upgrades, and partnership buyout of Jack London Gateway, a 58,557 sq ft shopping center at 800-900 Market Street in Oakland, CA. Those deals were generated from Thorofare Asset Based Lending Fund III (Fund III), a separate $300m debt fund that makes senior debt investments between $2m and $25m in opportunistic, distressed and value added commercial real estate.