Thorofare Capital Funds $23,800,000 Acquisition Loan for Beverly Hills Portfolio

LOS ANGELES–(BUSINESS WIRE)–Thorofare Capital has funded a $23,800,000 acquisition loan for a Beverly Hills, CA portfolio. The properties include 415 North Camden Drive, a 17,936-square-foot, two-story mixed-use building in the renowned Beverly Hills Golden Triangle, situated between Rodeo Drive and Bedford Drive. The property includes retail, medical and office use. The second property includes a 10,884-square-foot medical office building, located at 152-160 South Lasky Drive, adjacent to the Lasky Hotel development across the street from the Peninsula Hotel.

JLL’s Marc Schillinger and Eric Boucher advised the borrower on the transaction.

“JLL contacted us over the weekend after learning that a previous lender was unable to proceed. We mobilized to close this transaction in seven business days, based on the attractive location of the real estate, the experienced sponsorship and financing metrics,” said Felix Gutnikov, Thorofare’s head of originations.

“Our broker, borrower and counter-party relationships have held us in high regard due to our consistency over the past decade. We set a goal to continue delivering on our promises across market cycles and even at times of market uncertainty,” added Edward Prosser, the firm’s managing director of credit.

With the January 2020 opening of its New York office, Thorofare will continue to source, underwrite, fund and asset manage commercial real estate bridge loans across the nation, with sights on secondary markets such as Denver, Seattle, Portland, Phoenix, Dallas, San Antonio, Austin, Atlanta, Charlotte, Sacramento and Las Vegas. A focus in 2020 is expected to encompass more investors buying non-performing first mortgages. Thorofare sees an uptick in distressed debt acquisitions on the horizon that will be capitalized through its opportunistic strategy which offers swift, structured and reliable non-performing loan (NPL) acquisition financing to those investors.