Thorofare Capital Funds $16 Million Bridge Loan to Refinance Sheraton Silver Spring Hotel in Silver Spring, MD

/Thorofare Capital Funds $16 Million Bridge Loan to Refinance Sheraton Silver Spring Hotel in Silver Spring, MD

Thorofare Capital Funds $16 Million Bridge Loan to Refinance Sheraton Silver Spring Hotel in Silver Spring, MD

|2018-08-28T11:45:56+00:00August 28th, 2018|

Los Angeles, CA (August 28, 2018) — Thorofare Capital (Thorofare), through its bridge lending platform, has provided an affiliate of Integrated Capital LLC with a $16 million short-term senior loan for the refinance of the Sheraton Silver Spring Hotel in the Washington D.C. metro area submarket of Silver Spring, MD.

Located at 8777 Georgia Avenue, the 229-room, 16-floor full-service hotel was built in 1971 and renovated in 2017. It is managed by Atlanta-based Davidson Hotels & Resorts, one of the largest privately held management companies in the lodging industry.

Proceeds from Thorofare’s 12-month, interest only, non-recourse financing refinanced a bank loan, added capital for ongoing building upgrades and repatriated a portion of the partnership’s equity. Thorofare was able to close less than 10 days from application.

“This well-located Marriott-licensed hotel was an attractive financing opportunity for us to close quickly due to the loan basis, the institutional-quality ownership and the strong cash flow metrics,” said Brendan Miller, Thorofare’s Principal and Chief Investment Officer.

Felix Gutnikov, the firm’s Principal and Head of Origination, added, “Thorofare looks forward to expanding its relationship with Integrated Capital, a well-regarded Los Angeles-based firm that has a nationally diversified portfolio.”

Situated within walking distance of Silver Spring’s best shops, restaurants and office complexes, the Sheraton Silver Spring Hotel is also located within a few blocks of the Silver Spring Metro station, providing hotel guests easy access to the downtown Washington D.C. area and all its historic sites and attractions.

“We are pleased to close this financing with Thorofare Capital,” said Kenneth Fearn, Managing Partner of Integrated Capital. “They performed as promised within a tight closing window, which was important for this investment. We look forward to exploring additional financing opportunities with Thorofare going forward.”

About Thorofare Capital

Thorofare Capital, Inc. is a national commercial real estate loan origination and servicing company. The firm focuses on $5 million to $100 million financing transactions, targeting value-add and opportunistic acquisitions, recapitalizations, and distressed debt secured by transitional properties. Its affiliate, Thorofare LLC, is an SEC Registered Investment Adviser specializing in alternative fixed-income opportunities through US commercial real estate debt investments. With a national presence, Thorofare has invested more than $1.5 billion structured as senior secured short and intermediate-term loans, across 10+ property types throughout 28 states. For more information, visit www.thorofarecapital.com

Contact: Bruce Beck

bruce@dbrpr.com/(805) 777-7971

Contact: Bob Buttitta

bob@dbrpr.com/(805) 777-7971

About Integrated Capital

Integrated Capital is a private real estate advisory and investment firm based in Los Angeles, California.  Since its founding in 2004, Integrated Capital has acquired or developed more than $650 million of real estate assets. In addition, the principals had previously participated in global real estate investments and consulting projects valued at more than $2 billion.  For more information, visit www.intcapllc.com.

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