Thorofare Capital holds final close for lending fund

Los Angeles–based Thorofare Capital has raised $160 million for its fund Thorofare Asset Based Lending Fund II in a final close held June 13. Investors in Fund II primarily consist of high-net-worth individuals and family offices. The firm is currently seeking institutional investors for Fund III.

A target fundraising goal was not established, but the fund had a hard cap maximum of $250 million, confirms Lysbet Verlenden, director of investor relations at Thorofare Capital.

Fund II is a real estate lending fund that focuses on originating short-term loans (one year to three years) that range from $2 million to $12 million on commercial real estate. The vehicle targets high-yielding, low loan-to-value opportunities, typically created by situations where commercial banks are not in position to lend quickly. It will invest strictly in the United States. 

Fund II has been investing its capital since it first launched in December 2011. As of June 27, the fund has closed on 32 loans amounting to $130 million. Some recent transactions include a $7.2 million loan on a multifamily asset and attached extended-stay hotel in Orlando; a $5.6 million loan on a multifamily asset in Pasadena, Texas; and a $9.1 million loan on an industrial property in Paso Robles, Calif.

The fund’s predecessor, Thorofare Asset Based Lending Fund I, raised $30 million.