Thorofare Capital has provided a $46,000,000 floating-rate, interest-only senior mortgage loan for 99 Central Logistics Center, a newly built industrial asset in Tulare. The financing is structured to both refinance the property and support its lease-up phase, aligning capital with the stabilization of a recently delivered warehouse and distribution facility.
The collateral for the loan is a Class A industrial warehouse totaling 554,077 square feet. Completed in 2024, the property is designed for logistics and distribution use and is positioned to serve regional demand from its Tulare location. The loan proceeds are intended to recapitalize the asset and provide runway as the landlord works to fully lease the facility.
Thorofare Capital, described as a national commercial real estate debt manager and an affiliate of Callodine Group, led the financing effort internally. The origination team included Andrew Kim, originations director for the Southwest and Midwest, and Jacob Yi, managing director of credit. Their roles underscore Thorofare’s platform capabilities in sourcing and underwriting transitional industrial loans across multiple regions.
Commenting on the transaction, Thorofare CEO Kevin Miller said the deal reflects the firm’s conviction in best-in-class industrial logistics assets that are well placed to meet growing distribution needs in California’s Central Valley. He noted that Thorofare continues to seek opportunities to back experienced sponsors with flexible capital solutions in supply-constrained, high-throughput logistics markets.
The new financing adds to Thorofare’s broader deal activity, with the firm reporting nearly $700 million in transactional volume during 2025. The closing at 99 Central Logistics Center is presented as part of an ongoing strategy focused on transitional and value-add industrial opportunities across key markets nationwide, including assets that are in the process of lease-up or repositioning.
By pairing a floating-rate, interest-only structure with a senior mortgage position, Thorofare is providing capital that supports both the refinancing of existing debt and the property’s path to stabilization. The transaction highlights continued lender appetite for modern logistics facilities and reinforces Thorofare’s role as an active private debt provider in the industrial sector.
