Fund: Thorofare Asset Based Lending Fund IV
Target: $300 mln
Amount raised: $105 mln
Thorofare Capital drew in $105 million for its fourth fund aimed at providing bridge loans and floating-rate loans to borrowers looking to acquire or recapitalize middle-market commercial real estate, according to a filing and the firm’s website.
Thorofare Capital plans to raise $300 million for Fund IV, compared to $250 million raised for its predecessor fund, which wrapped up in late 2014. It’s already deploying capital from Fund IV, as it targets yields of 8 percent to 11 percent, according to its website.
The firm typically invests about $5 million per deal, but the average check size may increase slightly with the additional capital in Fund IV, according to a source familiar with the firm.
In its latest deal, Thorofare in July provided a $17.6 million bridge loan to help Baltimore-based Blue Ocean Realty purchase an industrial park from Halethorpe Business Trust, according to its website
For its Fund IV lineup, the Los Angeles-based firm added two new directors of credit: Gui Goodreau, who joined from Sabal Financing Group, and Alex Rodriguez, a veteran of Starwood Property Trust and LNR Property LLC.
Kevin Miller, co-president and CEO, and Brendan Miller, co-president and chief investment officer, launched Thorofare Capital and raised their first fund in 2010.
Marc Rapaport, partner at Thorofare Capital, is known as a private investor who co-founded the capital markets unit of Jefferies and Co and co-founded Major League Soccer after starting his investment banking career at Drexel Burnham Lambert in 1983.
Thorofare Capital targets deals with a total value of $3 million to $30 million, with a focus on opportunistic acquisitions, recapitalizations, and distressed debt secured by transitional properties, according to its website. The firm said it focuses on delivering institutional quality with a boutique approach, with a priority of preserving capital first and providing yield second, its website states.
Action item: Christine Vales,firstname.lastname@example.org, investor relations associate, Thorofare Capital