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DoubleLine Capital and Thorofare Capital Expand Bridge Lending Program
Through its multiple strategies, Thorofare provides loans ranging in size from $3 million to $100 million for the acquisition or refinancing of value-add and transitional multifamily, industrial, office, self-storage, student housing, retail, healthcare and hospitality assets in both markets throughout the United States.
In 2015, Thorofare announced a strategic partnership with DoubleLine to act as exclusive originator for commercial real estate (CRE) bridge loans within a range of mutually defined underwriting criteria. Those loans were acquired by the DoubleLine Opportunistic CRE Debt Strategy. The growth of the DoubleLine program expands Thorofare's direct origination platform to include financings of up to $100 million with a potential total lending capacity of more than $1 billion taking into account the use of leverage.
"Since the first loan origination under our strategic partnership with Thorofare Capital's best-in-class origination platform, we have successfully funded $400 million of loans," said Morris Chen, portfolio manager and head of DoubleLine's CMBS/CRE team. "DoubleLine looks forward to continuing this relationship with Thorofare as we expand our CRE debt investment business."
With an established national presence and more than seven years of consistently delivering certainty of execution to middle market sponsors, the program is well-poised to grow market share and capitalize on an underserved niche, according to Thorofare Principal and CEO Kevin Miller.
"On behalf of our entire team, we are extremely pleased with the growth of our existing partnership with DoubleLine and are excited to bring a very compelling program to the market", said Kevin Miller, Thorofare's Principal and CEO. "We already have a very active pipeline of solid loan opportunities, so with efficiently-
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 form $3 million to $50 million and larger. Thorofare Capital has originated over $1.2 billion of loans since its inception in 2010.
DoubleLine Capital LP is a registered investment adviser under the Investment Advisers Act of 1940. DoubleLine and its affiliates managed approximately $109 billion in assets held in closed- and open-end 1940 Act fund, exchange-traded fund, separate account, hedge fund, variable annuity and UCITS vehicles as of the June 30 end of the second quarter of 2017. Media can reach DoubleLine by e-mail at email@example.com
DISCLOSURE: Thorofare's lending relationship with DoubleLine is conducted through TC Debt Opportunities, LLC. Thorofare's affiliate Thorofare LLC, is an SEC Registered Investment Adviser. This communication is for informational purposes only and intended for Thorofare's non-advisory loan origination and servicing clients only. Nothing herein is an offer or solicitation for the purchase or sale of any security, and may not be relied upon in connection therewith. SEC registration does not imply any particular level of skill.
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