Thorofare Capital Inc. is joining forces with DoubleLine Capital LP to originate, underwrite and service middle-market commercial real estate (CRE) bridge loans throughout the U.S.Â The loans will be purchased for clients whose accounts are managed under the DoubleLine Opportunistic CRE Debt Strategy.
Under the partnership, Thorofare will serve as the exclusive originator for CRE bridge loans within a range of underwriting criteria mutually defined by the two companies.
The DoubleLine Opportunistic CRE Debt Strategy seeks to generate attractive risk-adjusted returns and produce stable current income through direct origination of CRE loans and investments in subordinate commercial mortgage-backed securities (CMBS) from the primary CMBS market.
The strategic partnership is part of Thorofare's Floating Rate Bridge strategy, which was launched when Thorofare received its first commitment of capital from DoubleLine. The program will fund senior whole loans ranging from $5 million to $20 million for the acquisition and refinance of multifamily, retail, industrial, hospitality and office properties with terms between two and five years.
‘By combining the capital markets expertise of DoubleLine with Thorofare's best-in-class origination platform, we believe we can provide uniquely structured loan products and continue to offer borrowers exceptional service and pricing,’ says Kevin Miller, CEO of Thorofare Capital.