Thorofare Capital Provides $126M Financing for Mid-Atlantic Medical Portfolio
By Keith Loria November 20, 2023 6:55 pm
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Thorofare Capital provided investment management firm Harrison Street with $125.9 million in financing for the acquisition of eight Class A clinical medical facilities.
The portfolio totals 705,000 square feet, with the majority of the assets in the Washington, D.C., region.
Thorofare, an affiliate of asset management platform Callodine Group, provided a floating-rate, three-year senior mortgage loan. The financing represented Thorofare Capital’s largest single financing transaction ever, according to the company.
Among the medical properties are Prosperity Medical Center I, II and III at 8501 Arlington Boulevard in Fairfax, Va., within a half mile of Inova Fairfax Hospital. The trio of buildings contain tenants such as Children’s Hospital, Fairfax Radiological Consultants and Inova Healthcare. Another property is 2440 M Street NW, a recently renovated building near George Washington University Hospital. Both facilities are managed by Gittleson Zuppas Medical Realty.
“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,” Felix Gutnikov, Thorofare Capital’s principal and head of originations, said in a prepared statement.
Headquartered in Chicago and London, Harrison Street is an investment management firm with approximately $56 billion in assets under management.
The financing was secured by Thorofare Capital’s Gutnikov, Jacob Yi and Nicholas Krueger.
Newmark’s John Nero and Ben Appel, Jay Miele and Michael Greeley represented the borrower.
Keith Loria can be reached at Kloria@commercialobserver.com.
