DC-Area Sheraton Hotel Lands $16M Refi
- By
- Aug 31, 2018
Thorofare Capital has provided a $16 million bridge loan to an affiliate of Integrated Capital, for the refinancing of Sheraton Silver Spring Hotel. Davidson Hotels & Resorts manages the 229-key property.
Additionally to refinancing a bank loan, the new 12-month, interest-only, non-recourse financing contributed to ongoing upgrades of the property and repatriated part of the partnership’s equity.
The hotel is located at 8777 Georgia Ave. in Silver Spring, Md., a roughly 7-mile drive to downtown Washington D.C. The site provides easy access to routes 29, 390 and 97, as well as Interstate 495, while Silver Spring Metro station is a few blocks away. The 16-story building was constructed in 1971 and renovated in 2017.
“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 & chief investment officer, in prepared remarks.
Roughly one year ago, Thorofare Capital partially financed the acquisition of an 84,468-square-foot property in Charleston, S.C. The buyer, a joint venture partnership, purchased the asset for $21.5 million.
Image courtesy of Thorofare Capital