Thorofare Capital has funded an $11,250,000 floating rate whole loan for the acquisition and renovation of the proposed Palihotel Westwood, a 55-key high-end boutique hotel located in the Westwood Village neighborhood of Los Angeles, California.

The property, formerly known as the Claremont Hotel, is less than a mile away from the University of California Los Angeles (UCLA). The hotel was built in 1939 and renovated in 1977.

The non-recourse loan, which carries a total term of five years including extension options, was priced at a competitive spread over the 30-day LIBOR and includes structure for reserves to cover renovation costs, debt service and operating deficits prior to stabilization.

The proposed Palihotel Westwood will be managed by West Hollywood-based Paligroup, a fully integrated real estate development and hospitality operating company that acquires, programs, develops, owns, and operates unique hotels and residences. Its proprietary brands, development and operational expertise also includes specialized retail spaces, highly curated restaurants, bars and event venues.