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Sheraton Silver Spring
Silver Spring, MD | August 2018
Thorofare Capital has funded a $16 million short-term senior loan for the refinancing of the Sheraton Silver Spring. The property is a 229-room, full service hotel located in downtown Silver Spring, a sub-market of the Washington D.C. metro area. Thorofare was challenged to meet the Sponsor’s maturity deadline and closed the loan less than 10 days from application after another lender’s failed attempt to close the deal on time.
The hotel is managed by Atlanta-based Davidson Hotels & Resorts, one of the largest privately held management companies in the lodging industry. Situated within walking distance of Silver Spring’s best shops, restaurants and office complexes, the hotel is near the Silver Spring Metro station, directly connecting guests to the D.C. metro area.
Proceeds from Thorofare’s 12-month, interest only, non-recourse financing provided through its open-end, discretionary fund vehicle, were used to refinance a cross-collateralized bank loan, provide capital for ongoing building repairs and repatriate a portion of the partnership’s equity.
The sponsor is a Los Angeles-based private fund manager and advisory firm focused on acquiring and asset managing value-add full-service, select-service and resort-style hotel assets throughout the country.