Thorofare Capital Funds $11.25M Loan for Acquisition of Historic Hotel in Los Angeles’ Westwood Village
April 26, 2017 1:35pm
Los Angeles, CA (April 26, 2017) - Thorofare Capital has provided West Hollywood, CA-based Shamina Investments with a $11.25 million floating-rate whole loan for its acquisition and renovation of the 53-room Claremont Hotel Westwood in Los Angeles’ upscale Westwood neighborhood.
The Claremont is located at 1044 Tiverton Avenue in Westwood Village, an historic commercial, entertainment and shopping district, adjacent to UCLA in West Los Angeles. The seller, a local family, has owned the property since they built it in 1939. It was the first and currently remains the oldest hotel in Westwood.
A portion of the loan proceeds will go towards a renovation of the property that will include upgrades to guest rooms, common areas, lobby and exterior.
The five-year, non-recourse loan was priced at a competitive spread over the 30-day LIBOR and includes structure for reserves to cover renovation costs, debt service and operating deficits prior to stabilization, according to Thorofare Capital Principal Felix Gutnikov who originated the financing.
The loan was arranged by the New York City office of Mission Capital Advisors LLC.
Tags: thorofare capital,
claremont hotel westwood,
Thorofare Capital, Inc. http://www.thorofarecapital.com focuses on originating senior mortgage debt solutions to borrowers seeking to opportunistically purchase or recapitalize middle market commercial real estate assets throughout the United States. Through Thorofare’s two types of lending programs – Fixed Rate Bridge Loans and Floating Rate Whole Loans – it directly originates secured first mortgage positions from $3,000,000 to $40,000,000 on commercial cash-flowing assets across the country. Thorofare, LLC is an SEC-registered alternative investment manager that specializes in managing the Fixed Rate Bridge Loans with its private fund vehicles. Thorofare has originated more than $1 billion of assets in its series of private fund vehicles and institutional accounts. Thorofare’s investors include family offices, foundations, wealth managers, institutional accounts and high net worth individuals.
Contact: Bruce Beck
This communication is for informational purposes only and intended for Thorofare Capital’s non-advisory loan origination and servicing clients only. As such, nothing herein is an offer or solicitation for the purchase or sale of any security and is qualified in its entirety by any related Private Placement Memorandum and Partnership Agreement. Deal terms subject to change at our discretion. Total loans funded figures represent closed financing transactions across closed-end funds, programmatic joint venture arrangements, co-investments and separate accounts. An investment in a private real estate fund or loans involves a substantial degree of risk and investors could lose principal. Prospective investors can obtain more information about our private funds by contacting our investor relations department.
Hospitality Financial Leadership - Runnin' Down a Dream
Hospitality Financial Leadership - Four Important Things to Know
Sonnenblick-Eichner Company Arranges $16,750,000 of First Mortgage Acquisition Financing for the Normandy Hotel, Washington, D.C.
Premier Capital Associates Secures Refinance for Quality Inn and Suites in Sequim, WA
Atlas Hospitality Group Arranges Sale of Lone Oak Lodge Monterey
Best Western's Pipeline Nearing 500 Properties Worldwide
Sonnenblick-Eichner Company Arranges $27,000,000 of First Mortgage Financing for Cedarbrook Lodge, SeaTac - Seattle, Washington
Hotel Lenders Tightening the Screws
RobertDouglas Advises Clarion Partners on the $670 million Refinancing of a 65-hotel Portfolio
Using Condo Hotels for Financing New Hotel Development
Please login or register to post a comment.