Thorofare Capital Funds $27 MM loan to Finance Acquisition of Morristown, NJ Office Park

LOS ANGELES - April 4, 2018 - PRLog -- Thorofare Capital, through its private debt platform has provided a joint venture between Vision Properties and The Birch Group with $27,130,500 in intermediate-term, first mortgage debt for the acquisition, improvement and lease-up of a 229,685-square-foot office campus in Morristown, NJ.

The financing was secured by Mount Kemble Corporate Center located at 350 & 360 Mount Kemble Avenue.  The property comprises two, three-story Class A office buildings situated in a park setting just two miles from downtown Morristown.  With more than 12 million square feet of inventory, Morristown is one of the largest office submarkets in Northern New Jersey.

Built in 1999 the property was 81% leased at the time of closing, to a diverse tenant roster representing Legal & Accounting, FIRE, medical/pharmaceutical and TAMI industries. Anchor tenants included Coughlin Duffy LLP, Avaya, Tenfour and Artech.

Thorofare's floating-rate mortgage features a three-year initial term and two, one-year extension options.  The structure included future funding towards planned CapEx and TIs/LCs, no amortization for the first three years and a highly competitive spread over the 1-month LIBOR index.

"We were attracted to opportunity given the local expertise and hands-on management capabilities of Vision Group, led by Fred Arena, combined with the balance of ample existing cash-flow, minimal near-term rollover risk and additional upside through leasing of nearly 40,000 square feet in this high quality asset", said Felix Gutnikov, Head of Origination at Thorofare Capital.  "We have significant capacity to grow our loan portfolio by competitively pricing deals like this, where experienced sponsors are executing value-add business plans for well-located transitional properties," he added.

About Thorofare:

Thorofare Capital 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 Capital's three lending programs, Short-term Bridge Loans, Medium-term Whole Loans and Institutional Loans, it primarily originates secured first mortgage positions ranging from $5 million to $100 million for opportunities, value-add and core-plus commercial real estate. Thorofare Capital has originated $1.45 billion of loans since its inception in 2010.  Its private fund series is managed by its affiliate, Thorofare, LLC ("Thorofare"), an SEC registered investment adviser ("RIA").   Thorofare's fund investors include family offices, foundations, endowments, pensions, institutional accounts, wealth managers and high-net-worth individuals.  Visit http://www.thorofarecapital.com for more information.

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