Thorofare Capital Funds $30 Million Loan for Acquisiton of Denver Industrial Property
The borrower, a joint venture led by Santa Monica, CA-based Mass Equities, Inc., plans a $200 million mixed use development on the site
Thorofare's financing consists of two, one-year, interest only cross-collateralized loans underwritten to 59% LTV. The financing is secured by adjacent 63,474 and 93,736-square foot warehouse buildings located at 2900 - 3060 Brighton Boulevard. The 7.8-acre site is located in Denver's River North Arts District (RiNo), approximately one mile north of Downtown Denver. The buildings are fully occupied by a variety of users including Industry, specialty car dealer The Denver Collection, MPC Construction, and Builder's Outlet.
Mass Equities had been under contract since October 2016 to purchase the property from a group of local investors, when financing from a NY-based private lender fell through less than one week from closing. Thorofare was able to fund the loans in four days from application to meet the hard close date, according to Andrew Sobel, founder and managing principal of Mass Equities.
"Plain and simple; this loan would never have closed with any other lender in the country other than Thorofare," said Sobel. "Thorofare saw our vision for the property and were immediately all-in. Their level of commitment, professionalism and unwavering focus was unlike anything I have seen in my 35+ years in the business."
The joint venture will immediately move forward with plans to re-develop the 65,000-square-
"The RiNo neighborhood is undergoing a significant transformation from an industrial corridor to a thriving artistic mixed use destination and is a hotspot for urban infill and adaptive re-use opportunities,"
About Thorofare Capital
Thorofare Capital (http://www.thorofarecapital.com) is a vertically integrated alternative investment manager that specializes in providing senior mortgage debt solutions to borrowers seeking to opportunistically purchase or recapitalize middle market commercial real estate assets throughout the United States. Through Thorofare's two types of lending programs - Short-term Bridge Loans and Medium-term Whole Loans – it primarily originates secured first mortgage positions ranging from $3 million to $50 million and larger. Thorofare Capital has originated over $1.2 billion of loans since its inception in 2010.
Mass Equities, Inc.
Mass Equities, Inc is a boutique real estate investment, development, and management firm focused on select markets and assets in the Western US. The Mass Equities team employs all facets of creating investment value, from ground-up development and existing-building repositions to comprehensive operational and leasing strategies. MEQ currently has projects throughout the Western US, including three projects in Colorado: an existing creative office building in the Golden Triangle submarket of Denver, a 314-unit mixed use development in Longmont and a 225,000-square-
This press release is for press distribution only and not for general distribution. The information contained in the release is intended only for Thorofare's non-advisory loan origination network, and nothing herein is an offer to sell any security, which can only take place upon receive of offering documents to qualified investors.
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