Los Angeles, CA, November 20, 2023 – Thorofare Capital, Inc. (“Thorofare” or the “Company”), an affiliate of asset management platform Callodine Group, LLC (“Callodine Group”), today announced it closed $125.9 million in financing for eight Class-A clinical medical facilities totaling more than 705,000 square feet located in the Greater Washington, D.C. Capital Region, and surrounding submarkets (the “Portfolio” or “Properties”). Thorofare provided a floating-rate, three-year mortgage loan, its largest single financing transaction ever, secured by the collection of institutional-quality medical buildings, to a Harrison Street investment vehicle.
The portfolio is comprised of assets with stable investment fundamentals, and the properties are all located in primary markets with strong demand for healthcare services. A significant portion of the portfolio is located on or adjacent to leading hospital campuses within these markets.
The transaction was executed by Felix Gutnikov, Thorofare’s Principal and Head of Originations, along with Managing Director of Credit, Jacob Yi, and Associate Director of Originations, Nicholas Krueger.
Gutnikov said, “We have fostered a relationship with Harrison Street over the years, and this transaction is the culmination of our prior collaboration and their trust in our ability to execute this multi-property, multi-state portfolio financing with a swift, reliable, and flexible approach.”
Newmark Healthcare Capital Markets Group’s Senior Managing Director John Nero and Executive Managing Director Ben Appel, in cooperation with Senior Managing Directors Jay Miele and Michael Greeley, represented the borrower.
Nero said, “We understood from the outset that the Portfolio was a distinct offering in the marketplace. The experience of both borrower and lender in the medical office sector were key to a successful execution.”
About Thorofare Capital, Inc.
Thorofare Capital, Inc. (www.thorofarecapital.com) is a national, vertically integrated commercial real estate debt manager. The Los Angeles-based firm, with additional offices in New York City, Miami, and Dallas, focuses on $15 million to $100 million financing transactions, targeting value-add and opportunistic acquisitions, recapitalizations, and distressed debt secured by transitional properties. Its affiliate, Thorofare LLC, is a registered investment adviser specializing in alternative fixed-income opportunities through US commercial real estate debt investments. With a national presence, Thorofare has originated more than $4.3 billion since the firm’s inception in 2010, across more than 13 property types throughout 34 states. Thorofare is an affiliate of Callodine Group, an asset management platform with approximately $20 billion in AUM.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago and London, with offices throughout North America, Europe and Asia, the firm has more than 280 employees and approximately $56 billion in assets under management. (Assets under management (“AUM”) reflects AUM for the firm’s investment advisory and asset management clients and is inclusive of the firm’s regulatory AUM reported in its Form ADV.) Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia, and Latin America. Harrison Street was awarded Best Places to Work by Pensions & Investments for eight years (2014-2020, 2022) and has won multiple awards from PERE, including five for the 2022 Awards: Alternatives Investor of the Year – Global, Industry Figure of the Year- Global, Residential Investor of the Year – Global, Data Centers Investor of the Year – Global, and Residential Investor of the Year- North America. For more information, please visit www.harrisonst.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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