Thorofare Capital has funded $3,150,000 for the refinance of a 112 room La Quinta Inn located in Berkeley, California.

The borrower is in term default on his US Bank note although all payments are current. In addition, the borrower is requesting $1.5M in capital improvements/upgrades to insure the La Quinta Inn operating flag is retained. The major improvements include upgrading the existing two elevators, resurfacing of the parking lot, new flat screen televisions, beds/furniture for all rooms and re-painting of the exterior and interior areas.

The property is located 2 miles West of the University of California at Berkeley between the 580/80 freeways and the University. The borrower recently finished approx. $300,000 in ADA upgrades including access ramps and 12 reconfigured rooms and bathrooms. Year to date the property has an average daily occupancy of approximately 70% which is forecasted to increase as summer is the properties slower period due to lack of University activity. The loan is being personally guaranteed by the borrower.