December 8, 2021, LOS ANGELES – Thorofare Capital, Inc. (“Thorofare” or the “Company”), an affiliate of alternative investment manager Thorofare LLC, today announced it provided $34.1 million in financing to a joint venture between Chicago-based The John Buck Company (JBC) and Los Angeles-based 3MR Capital for the development of 11111 Jefferson, a 3.4-acre redevelopment site in Culver City, Calif. The pre-development acquisition financing paves the way for construction to commence in 2022 on a roughly $210-million mixed-use development that is The John Buck Company’s first project in Los Angeles.
11111 Jefferson Blvd. is fully entitled and approved for a five-story building with up to 230 units of multifamily above 55,000 square feet of ground-floor retail, 11,450 square feet of second-floor office space and parking for more than 650 vehicles. Development plans also include a 13,000-square-foot open courtyard at Sepulveda and Jefferson, as well as a 30,000-square-foot public park along Machado Road. The site currently houses a Coco’s restaurant, an auto repair garage, and a post office.
Thorofare’s Kevin Miller, CEO, said, “Thorofare is honored that an institutional-caliber borrower such as The John Buck Company counts on us for financing to help them and their JV partner bring this game-changing development to fruition. The sponsors are experienced owners, operators and developers who’ve conceived 11111 Jefferson as a cornerstone project that will transform a triangular site and significantly contribute to the evolving landscape in Culver City.”
Thorofare’s David Perlman originated the loan with Jacob Yi and Paul Kim leading the underwriting and executing the closing of financing.
Perlman said, “We are thrilled to have closed on this exciting project for the Culver City community and with such a well-respected sponsorship group. We continue to seek out similar opportunities with sponsors of similar experience and reputation level that are looking to develop in dynamic submarkets such as Culver City.”
The Culver City office market has returned to pre-pandemic demand levels and that strong activity gives Thorofare confidence to embrace deals that include office components such as 11111 Jefferson. HBO, Apple and several other Silicon Valley tech companies have helped further establish the “Silicon Beach” market on the Westside, where there’s additional major prospects continuing to drive growth and fuel Culver City’s boom.
A spokesperson for sponsorship group notes, “JBC and 3MR are excited to be working with everyone involved in this project, and we appreciate the community’s involvement and support to date allowing the project to take shape into what it is today.”
So far this year, Thorofare has closed more than $683 million in financing and is on track to close nearly $940 million in financing by the end of the year. Thorofare continues to work with institutional sponsors on their capital needs across the country, including pre-development and construction loans.
Thorofare remains active in other sub-categories of major CRE property types as well, including industrial outdoor storage, commercial truck parking, parking garages, seniors housing, data center and self-storage. Other recently financed projects include grocery-anchored retail, absolute leased-retail, ground-up multifamily construction, and ground-up mixed-use with apartments over ground-floor retail.
