Thorofare Capital has funded $2,800,000 in acquisition financing for an 88-room Holiday Inn Express located at 505 Pharr Road, Atlanta, Georgia in the Buckhead submarket. Thorofare closed in 4 business days.

According to Forbes Magazine, Buckhead is home to the ninth-wealthiest zip code in the US and is the location of the wealthiest of Atlanta’s neighborhoods, often rated one of the nation’s “10 Top Affluent Communities”.

The Property contains a total building area of 59,869 square feet and has maintained an average annual occupancy of 68% with an average daily rate of $105. The sponsors have engaged Cambridge Hotel Group as a third party property manager, however the sponsors are local to Atlanta and will continue to provide daily oversight of property management. The Property was sold by Hotel Assets Group on behalf of the Seller; an affiliate of LNR Property, LLC.

Brendan W. Miller, co-President of Thorofare, commented, “this was a testament of our dedication to be very swift and provide certainty of execution on transactions we decide to take on at the last minute. We believe that Buckhead is a strong submarket of Atlanta that has shown a strong hospitality rebound since the downturn. This acquisition financing opportunity represented a combination of an experienced group of operators and a low cost basis with a sound business plan.”