Kevin Miller, who served as CEO of Thorofare Capital for nearly the past 17 years, is leaving the L.A.-based lender, according to sources familiar with the departure and an internal memo seen by Commercial Observer. This shift at the top follows a period of upheaval for the company, after it had already lost three of its senior originators the previous year.
Miller confirmed his departure in a note to his colleagues, in which he detailed his long-term track record of building up the lender. He emphasised that he had always kept Thorofare Capital's vision for a direct lending platform in mind and was proud of what had been achieved. A Thorofare spokesperson declined to comment.
Continuous changes in leadership
Miller's departure marks the latest in a series of high-profile exits at Thorofare Capital. In spring 2023, three senior originators, Eric Klein, Brendan Miller (not related to Kevin Miller), and Brian King, left the company to join Kairos Investment Management, a Los Angeles firm focused on securities and direct investments. These departures led to expectations that further changes in company leadership might occur.
Thorofare Capital has been an active player in the US real estate market in recent years. Founded by Kevin Miller in 2008, the company specialises in providing bridge financing and mezzanine loans for commercial properties. In July 2021, the company provided a loan of 17.25 million US-Dollar for the refinancing of the 94-unit URMIA buildings in South Los Angeles. In March 2020, it provided a loan of 12.25 million US-Dollar for the repositioning of an industrial campus in Gardena, California.
Previously, in 2017, Thorofare Capital reached a significant milestone by receiving a capital injection of 59.5 million US-Dollar from CBRE Capital Partners. This allowed the company to significantly expand its lending capacity. The current changes suggest that Thorofare Capital is undergoing a phase of realignment that could impact its future strategy and market positioning.
