Total $0.00


Los Angeles, CA (Nov. 28, 2018) -- Thorofare Capital has provided Langford Partners, LLC, an affiliate of Stambul USA, with $17 million in short-term debt to help stabilize a historic downtown Miami property that has been part of the city’s landscape since 1926. Neil Freeman and Brandon Perdeck of Chicago-based Aries Capital LLC arranged the financing.

The Langford Hotel originally opened as the Miami Bank and Trust, and over the years served as home for several banks, an insurance company and other commercial entities. In 1989, the building was added to the National Register of Historic Places in recognition of its architectural and cultural significance. Langford Partners purchased the property in 2013, converting it into a 126-room boutique hotel that opened in 2016.

Thorofare provided the sponsor with a two-year, interest only bridge loan to refinance an existing construction loan, and repatriate preferred equity through an “earn-out” facility subject to improved hotel performance. The transaction closed in six days.

“Thorofare was able to quickly understand our refinancing objectives, and their ability to execute this transaction within a week was quite impressive,” said Daniel Peña-Giraldi, General Manager/Director of Stambul USA. “Our advisors at Aries Capital put their trust in Thorofare and our team expects this to be the beginning of a very positive relationship.”

Thorofare was attracted to the financing opportunity by the upside in the hospitality market within Miami’s central business district, as well as the risk/reward profile of the transaction, according to Thorofare principal and chief investment officer Brendan Miller.

“While Downtown Miami hotels don’t traditionally perform as well as those in the Brickell or Miami Beach sub-markets, they do typically outperform the general Miami market,” said Felix Gutnikov, principal and head of origination at Thorofare Capital. “We believe the operator can capture upside and unlock additional value by refreshing the property’s ground floor and rooftop food and beverage venues.”

Freeman, CEO of Aries Capital LLC, said The Langford is part of an ongoing revitalization of Miami’s downtown.

“New retail, office and multifamily projects continue to come online, attracting growing numbers of tourists and locals to the area,” Freeman said.

About Thorofare

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 a registered investment adviser specializing in alternative fixed-income opportunities through US commercial real estate debt investments. With a national presence, Thorofare has originated more than $1.6 billion structured as senior secured short and intermediate-term loans, across 10+ property types throughout 28 states. For more information, visit

Contact: Bob Buttitta / (805) 777-7971

About Stambul

Stambul Construction, is a family-owned and operated, full-service construction, investment and real estate development firm. The company has owned and/or developed more than 11 million square feet of commercial and residential projects throughout the United States, Latin America and the Caribbean. Stambul’s projects include multifamily, hospitality, retail, infrastructure projects, and more than 3,000 residential units.

About Aries

Aries Capital, LLC was founded in 1991 by life-long entrepreneur Neil Freeman, and is a full-service, commercial real estate mortgage and investment banking firm. The company uses a boutique, consultative approach to structure and arrange interim and long-term debt, and equity for hotel, self-storage, retail, industrial, office, manufactured housing, multifamily and healthcare properties in the United States and Caribbean.

This press release is for press distribution only and not for general distribution. The information contained in this article is intended only for Thorofare’s non-advisory loan origination business/network and should not be considered investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. The information contained in this article is accurate as of the data submitted but is subject to change.

Related News

Hospitality Financial Leadership: Nobody Gets to Be Wrong, Everyone is Wrong, No One Gets to Be Right, Everyone is Right

Sonnenblick-Eichner Arranges $36.3M of Acquisition Financing for Doubletree by Hilton Hotel Campbell Pruneyard Plaza Campbell (Silicon Valley), California

Sonnenblick-Eichner Company Arranges $26,500,000 of First Mortgage Financing for The Inn at the Pier, Pismo Beach, California

Hospitality Financial Leadership: She Said She Was Born Without the Financial Gene

Hospitality Financial Leadership: Roger Penske & The Hotel PMS

Hospitality Financial Leadership: The 5 Hidden Costs of Being Branded

Knighthead Funding, LLC Originates $36 Million Loan to Refinance Newly Constructed Luxury Hotel at Hartsfield-Jackson Airport in Atlanta

Hospitality Financial Leadership: Bring Multi-Tasking to an End for Hotel Leaders

Hospitality Financial Leadership: Understanding the Importance and Use of The Reserve for Capital Replacement

Hospitality Financial Leadership: The Matching Principle

Hospitality Financial Leadership: The Top 10 Interview Questions About The Hotel's Finances for a General Manager and the Best Answers

Hospitality Financial Leadership: OTA’s and How Hotels Can Best Use Them

Hospitality Financial Leadership: Going Down the Road – Part 1

Hospitality Financial Leadership: Expectations vs. Agreements

The History of Financing Boutique Hotels

Hospitality Financial Leadership: What’s Missing With Labor Planning Tools?

Knighthead Funding Originates $8.5 Million Loan to Complete Construction of Holiday Inn & Suites Near Savannah, GA

Hospitality Financial Leadership: Trading Places

Spirides Arranges $7.8 Million Hotel Construction Loan for New Holiday Inn Express in Rock Hill, SC

The Future of Private Equity and Private Markets

All News »

Please login or register to post a comment.