July 8, 2020
Thorofare Capital funded two loans totaling $36.6 million for commercial properties in California and Ohio. The transactions reflect several trends emerging during the COVID-19 era, including an acceleration of note-on-note financing activity and the emergence of distressed assets.
The larger of the two loans was a $26,000,000 post-acquisition bridge loan for 650-700 Pacific Coast Hwy., two office buildings totaling 200,220 square feet in El Segundo, CA. The borrower was a joint venture of Vella Group and its equity partner London & Regional Properties.
The $10,600,000 note-on-note Ohio acquisition loan was for a six-building, 840,000-square-foot industrial portfolio in a strategic industrial location within the Canton–Massillon, OH MSA.
On the El Segundo asset, JLL’s Will Sledge represented the loan seller, LNR, when he was at Mission Capital Advisors.
Peter Rotchford with JLL represented New York City-based private investment firm Briar Meads Capital in arranging the Ohio note acquisition financing from Thorofare.
For comments, questions or concerns, please contact Paul Bubny