Thorofare Capital

What Thorofare Capital does

Thorofare Capital is a national, vertically integrated commercial real estate debt manager founded in 2010 and headquartered in El Segundo, California. The firm originates short-term bridge loans ($15MM–$75MM), intermediate-term whole loans ($15MM–$50MM), and construction loans ($25MM–$75MM), all floating-rate (SOFR + 300–595 bps) and secured by transitional commercial real estate properties. Since inception, Thorofare has originated more than $5.6 billion across 390+ loans spanning 13+ property types in 33 states, with deal flow concentrated in value-add and opportunistic acquisitions, recapitalizations, note acquisitions, discounted loan payoffs, non-performing loan purchases, and 1031 exchanges.

The company serves experienced commercial real estate sponsors, including private equity firms, real estate investment firms, and developers, who require debt financing that banks and CMBS lenders cannot deliver within the necessary time frame or structure. Thorofare differentiates on 5–40 day closings, non-recourse structures with standard carve-outs, future-funded TI/LC and CapEx holdbacks, and a multi-strategy bridge/whole/construction platform. Deal flow is generated through a regional direct-origination model organized by geography (Southwest & Midwest, Northeast, Texas & Southeast, Pacific Northwest & Mountain), supplemented by broker and sponsor referrals and an exclusive arrangement with DoubleLine Capital dating to 2015 for the sale of middle-market CRE loans.

Thorofare is majority-owned by Callodine Group (~$20 billion AUM) following a December 2021 acquisition, and the firm operates through privately offered Funds IV and V as its primary investment vehicles. Revenue is generated through interest income on the loan portfolio, market-competitive origination and exit fees, and extension/modification fees (with yield maintenance penalties typically set at 50% of the initial loan term). The firm maintains five offices (El Segundo, Miami, Dallas, Newport Beach, New York) and reported $327 million in 2020 originations with projections of more than $1 billion for 2022.

Name

Thorofare Capital

Legal name

Thorofare Capital, Inc.

Website

https://thorofarecapital.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Thorofare Capital is a national commercial real estate debt manager originating $15–100 million bridge, whole, and construction loans for experienced CRE sponsors across 33 states, operating through Funds IV and V as a Callodine Group affiliate.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Lending

NAICS

Real Estate Credit (522292)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH)

akta.pro secondary industry

Bridge & Short-Term Real Estate Loan Intermediation (FSAEAEAG)

Keywords

• Commercial real estate lending
• Bridge loan financing
• Construction loan financing
• Value-add debt origination
• Transitional property loans

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income from Loan Portfolio: Thorofare Capital generates primary revenue from interest income on its portfolio of commercial real estate loans. Loan programs include Short-Term Bridge Loans (1-month Term SOFR + 350-550bps), Intermediate-Term Whole Loans (1-Month Term SOFR + 300-495bps), and Construction Loans (1-Month Term SOFR + 450-595bps). All loans are floating rate, with ability to PIK/accrue to maturity.
2. Origination and Exit Fees: Market competitive origination and exit fees adjusted to loan size, timing, and complexity. These fees are charged at loan origination and exit, contributing to non-recurring transaction-based revenue on each deal.
3. Extension and Modification Fees: Thorofare charges market extension fees for loan extensions (6 to 12 months available on bridge loans). Extension fees and yield maintenance penalties (typically 50% of the initial loan term) provide additional revenue on modified or extended loans.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels2 records

Core offering

Thorofare Capital is a vertically integrated commercial real estate debt manager that directly originates and services short-term bridge loans ($15MM–$75MM), intermediate-term whole loans ($15MM–$50MM), and construction loans ($25MM–$75MM) secured by transitional and value-add commercial properties. Loans are floating-rate (1-Month Term SOFR + 300–595bps), interest-only, non-recourse, and typically include future-funded CapEx, TI, and LC budgets; the firm capitalizes originations through privately offered funds (Fund IV, Fund V) and an exclusive sale arrangement with DoubleLine Capital.

Product overview

Thorofare Capital is a national, vertically integrated commercial real estate debt manager offering a multi-strategy debt platform through a series of funds (Fund IV, Fund V) and separate accounts. The company operates three core loan programs: Short-Term Bridge Loans for opportunistic transactions ($15MM-$75MM), Intermediate-Term Whole Loans for value-add recapitalizations ($15MM-$50MM), and Construction Loans for ground-up development and completion ($25MM-$75MM). The firm targets $15 million to $100 million financing transactions, focusing on value-add and opportunistic acquisitions, recapitalizations, and distressed debt secured by transitional properties across 13 property types throughout 33 states.

Differentiator

Problem solved

Functional benefit

Products and services

• Short-Term Bridge Loans Opportunistic short-term financing for CRE special situations including quick-closings, NPL/REO auction acquisitions, discounted loan payoffs (DPOs), and heavy-lift CapEx projects. Loan amounts range from $15MM to $75MM with terms of 1+6 months or 1+1, floating at 1-Month Term SOFR + 350-550bps. Targeted at experienced CRE sponsors requiring swift certainty of execution.
• Intermediate-Term Whole Loans Value-add floating rate whole loans for experienced sponsors acquiring or recapitalizing transitional properties through future-funded CapEx, TIs and LCs. Loan amounts range from $15MM to $50MM with 2+1 or 2+1+1 or 3+1+1 terms, floating at 1-Month Term SOFR + 300-495bps. LTV parameters: lesser of 75-80% as-is or 65-75% as-stabilized.
• Construction Loans Financing for acquisitions and refinance, construction completion, and ground-up construction projects. Loan amounts range from $25MM to $75MM with 2+1+1 or 3+1+1 initial terms, floating at 1-Month Term SOFR + 450-595bps. Up to 68% LTV as-stabilized / 75% LTC. Targets developers and sponsors requiring construction financing for ground-up or substantial renovation projects.
• Thorofare Fund IV Private investment fund managed by Thorofare Capital providing institutional investors with commercial real estate debt exposure. Investors access the fund via a dedicated investor login portal.
• Thorofare Fund V Private investment fund managed by Thorofare Capital, evidenced by its separate investor login portal. Referenced in connection with a $56.5 million secured term loan to Innovative Industrial Properties (IIPR) — Thorofare Asset Based Lending Reit Fund V, LLC — for paying off unsecured notes maturing end of May 2026.

Quantifiable outcome

• 5–20 day closing timelines for bridge loans; 25–40 day closings for intermediate-term loans; 45 days for construction loans
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• DoubleLine CapitalflagshipStrategic or Co-development Partner · 2 June 2015DoubleLine Capital (Jeffrey Gundlach's fixed-income asset manager) entered into an exclusive arrangement with Thorofare Capital in 2015. Under the arrangement, Thorofare underwrites and originates middle-market CRE loans with 2–5 year terms that are exclusively sold to DoubleLine. This gives DoubleLine's investors access to short-term real estate loans originated by Thorofare. This was a flagship strategic arrangement for Thorofare's early growth.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Walker & Dunlop: Large publicly traded CRE finance company that originates bridge, construction, and interim loans on commercial and multifamily properties nationwide through its direct lending and brokerage arms. Directly comparable to Thorofare's mid-market bridge/whole-loan/construction multi-strategy platform targeting $15-100MM deals with experienced sponsors.
• Greystone: National CRE finance company with a direct lending arm providing bridge, construction, and permanent debt for multifamily, commercial, and healthcare properties. Closely mirrors Thorofare's target borrower (experienced CRE sponsors), loan sizes, and multi-strategy approach.
• Meridian Capital Group: One of the largest US commercial real estate mortgage brokerage firms arranging bridge, construction, and permanent debt on transitional properties for institutional and private sponsors. Named explicitly in Thorofare's broker-partner channels; competes for the same transitional CRE borrower but as an intermediary rather than principal.
• Ready Capital Corporation: Publicly traded CRE finance company that originates and acquires transitional bridge, construction, and small-balance commercial loans nationwide. Highly comparable to Thorofare on strategy, target borrower, loan size range, and floating-rate SOFR-spread pricing model.
• Angel Oak Capital Solutions: Private credit manager sponsoring CRE debt funds that originate transitional bridge and value-add loans on commercial and multifamily properties. Comparable to Thorofare's fund-based (Fund IV, Fund V) capital deployment model and mid-market sponsor focus.
• ACRES Capital Holdings: Direct CRE bridge and construction lender focused on mid-market transitional deals for experienced sponsors across the US; very close strategic and product peer to Thorofare, including similar loan sizing and floating-rate spread pricing.

Broad incumbents

• JLL Capital Markets: The debt placement arm of JLL brokers CRE loans for borrowers across the US and is explicitly referenced in Thorofare's broker partnership list. JLL is a broader, full-service commercial real estate services firm but its debt placement business directly overlaps with Thorofare's transition/bridge origination franchise.
• Newmark Group: Global CRE services firm whose debt and structured finance group places and originates commercial real estate debt across transitional and stabilized assets. While Newmark operates across leasing, investment sales, and advisory, its CRE lending business directly competes with Thorofare's sponsor-focused debt origination.
• CBRE Debt & Structured Finance: Global CRE services leader with a large debt placement and origination practice covering bridge, construction, and permanent financing on transitional assets. Overlaps with Thorofare at the mid-market CRE borrower segment but within a much broader full-service platform.
• Blackstone Mortgage Trust: Publicly traded CRE mortgage REIT managed by Blackstone that originates senior floating-rate mortgages on commercial properties. While Thorofare operates at smaller scale, BXMT competes for the same sponsor-driven transitional CRE borrower in the floating-rate SOFR-spread market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ThorofareCap

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thorofare Capital