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$17,750,000 Acquisition & CapEx Financing
Newport, RI | January 2019
Thorofare Capital has funded a $17,750,000 short-term bridge loan for the acquisition and renovation of a 200-key independent hotel known as Mainstay Hotel located in Newport, Rhode Island.
The Property was originally developed in phases between 1985 – 2005 and features 3,400 SF of event space, a 198-seat restaurant, and various amenities including an outdoor pool, outdoor patio seating and ample onsite parking (206 parking stalls).
The sponsor plans to reposition the property into a lifestyle boutique hotel to provide guests a well-located, affordable alternative to hotels located in Downtown Newport. Charlestowne Hotels will be the operator.
Thorofare provided a competitively-priced, 33-month, floating rate, non-recourse, interest-only loan featuring a future funding facility towards planned renovations.
The sponsor is a New York-based real estate developer and owner that has completed over 30 transactions representing $1.1bn and 1.7 million square feet of commercial real estate.