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Miami, FL | November 2018
Thorofare Capital has funded a $17,000,000 short-term bridge loan for the refinance of The Eurostars Langford Hotel in Downtown Miami. The 126-room hotel is leased, on a NNN basis, to Barcelona-based Eurostars Hotels, a wholly owned subsidiary of The Hotusa Group. Eurostars Hotels either owns or manages 101 hotels throughout 15 countries.
The transaction closed in less than 10 business days, from application to funding, for the sponsor to repay a maturing construction loan.
Formerly the Miami National Bank, 1926-built property was designated on the National Register of Historic Places in 1989. The Langford’s beaux arts architectural style was extensively renovated with a 1920s Jazz Age-inspired design. The property includes an indoor-outdoor rooftop bar.
Thorofare provided a competitively-priced 2-year, floating rate, non-recourse, interest-only loan featuring an “earn-out” that would be funded upon certain cash-flow milestones being hit.
The sponsor is a Miami-based, vertically integrated construction company and developer focused on investing in and re-developing hospitality, multifamily, office and retail assets in core locations of downtown Miami.