Thorofare Capital has funded $7,220,768 in first mortgage financing to the borrower for the acquisition of membership interests to Universal Suites, located at 1200 Holden Ave and Tranquility Inn, located at 4855 S. Orange Blossom Trail in Orlando, Florida. The Property purchase price was $10,000,000, representing a LTV of 72%.

Universal Suites is a 140-unit class “C” apartment garden-style community connected contiguously to Tranquility Inn, a 110-unit extended-stay hotel, with a combined gross living area of 211,039 square feet. Universal Suites’ current occupancy is 92% and Tranquility Inn’s occupancy is currently 79%, with a reported historical occupancy of 85%-90%. The acquisition cost was $10,736,170, comprised of the $10,000,000 purchase price, a $450,000 capital expenditure reserve and other fees and closing costs.