Thorofare Capital Funds $16 Million Loan to Refinance Sheraton Silver Spring Hotel
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."