Thorofare Capital, Inc., an affiliate of investment manager Callodine Group, provided a loan to King Street Properties for the acquisition and conversion of 5825 Oberlin, a 60,518-square-foot life science building located in San Diego’s Sorrento Mesa submarket. David Perlman – Managing Director and Head of Thorofare’s New York office – originated the loan with colleagues Edward Prosser and Paul Kim leading underwriting efforts while executing closing of the financing.
Perlman noted that “like most lenders and equity investors [Thorofare] has identified life science theme as primary investment target for 2023; especially in top five life science markets nationally.” Financing this particular acquisition checked all boxes according to strategy: taking place in one of top markets (San Diego) at attractive basis for premier sponsor King Street Properties was also great opportunity to begin relationship with said sponsor.
