Thorofare Capital has funded a $8,550,000 senior bridge loan to refinance The Four Points by Sheraton San Diego, an affiliate property of Starwood Hotels and Resorts franchise. The Loan was utilized to payoff an existing mortgage, which was acquired from a regional bank in a loan portfolio transaction involving a global European-based investment bank.

The Property is a 225-room, full-service hotel located at the border of the Kearny Mesa and Mission Valley areas of San Diego proximate to the Interstate 8 Freeway. The Property is improved with ±10,842 square feet of meeting space, a business center, outdoor swimming pool, fitness center, restaurant, lounge, coffee bar, gift shop, and a nine-hole executive golf course.

Kevin H. Miller, co-President of Thorofare Capital, commented, “This transaction required us to move quickly and payoff the existing note holder as the Borrower was in term default. Conventional banks and CMBS lenders failed to finance the Property due to a short-term remaining on the ground lease, which was recently extended by the City of San Diego for an additional 40 years. The Borrower depended on our flexibility and execution due to the short time constraint presented by this special situation.”