Thorofare Capital Provides $24M Loan for Los Angeles Portfolio

The company worked on behalf of Hakim Holdings to secure financing for the acquisition of a two-property portfolio in Beverly Hills, Calif.
415 N. Camden Drive (above) and 152-160 S. Lasky Drive. Image courtesy of Thorofare Capital

The volatility that coronavirus is causing on the markets isn’t stopping Thorofare Capital from providing financing. The Los Angeles-based firm has funded a $23.8 million acquisition loan for local private real estate investor Hakim Holdings and its purchase of a two-property portfolio in Beverly Hills. Hakim Holdings acquired the portfolio on March 24 and was advised by JLL’s Marc Schillinger and Eric Boucher on the loan.

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The two-property portfolio spans retail, medical and office use and totals 35 tenants, Felix Gutnikov, Thorofare’s head of originations, told Commercial Property Executive. The portfolio includes 415 N. Camden Drive, a two-story 17,936-square-foot mixed-use building that is 98 percent occupied with 21 tenants and 152-160 S. Lasky Drive, which has 14 tenants and is 95 percent occupied, Gutnikov also told CPE.

Thorofare also provided the $36 million refinancing for a recently renovated two-building Dallas office complex in November 2018.

A quick turnaround

Gutnikov said in prepared remarks that JLL contacted Thorofare over the weekend after a previous lender was unable to proceed with financing. Gutnikov told CPE that the original lender couldn’t move forward because its plan was to contribute the loan into a CLO, which was now an uncertain marketplace due to a credit freeze caused by volatility in the bond markets.

After JLL reached out, Thorofare closed the transaction in seven business days beginning March 15, Gutnikov said in prepared remarks. Despite the market volatility and disruption from the global coronavirus pandemic, Gutnikov said in his prepared statement that the portfolio had an attractive location, experienced sponsorship and financing metrics.