Thorofare Capital has funded the closing of a $3,300,000 senior bridge loan to refinance The Clarion Hotel Airport/Graceland Area, located at 1471 East Brooks Road, Memphis Tennessee. The loan proceeds were used to retire a portion of a mezzanine portfolio loan, which blanketed several assets owned by the Sponsor. Thorofare’s financing also enables the Sponsor to continue a value-add strategy, whereby the Sponsor can stabilize the cash flows in order to refinance with long-term conventional debt.

The Property is a 245-room, four-story low-rise hotel, which opened in 1972 and was fully renovated during 2011-2012. The Property also features two restaurants and two bars. The Sponsor acquired the Property as an independent hotel in November 2010 at an auction sale and later invested more than $3,500,000 for a full renovation and Product Improvement Plan (“PIP”). Subsequently, the Sponsor then affiliated the Property with Choice Hotels International as a Clarion Hotel following the renovation and PIP.

The Sponsor is a Chicago-based real estate investment group that has been established as a full-service property management, construction, and brokerage firm. The Sponsor has stabilized and managed nearly $35 million of distressed assets and represents clients and investors with approximately $240 million in assets under management.