Los Angeles, CA (April 26, 2017) – Thorofare Capital has provided West Hollywood, CA-based Shamina Investments with a $11.25 million floating-rate whole loan for its acquisition and renovation of the 53-room Claremont Hotel Westwood in Los Angeles’ upscale Westwood neighborhood.
The Claremont is located at 1044 Tiverton Avenue in Westwood Village, an historic commercial, entertainment and shopping district, adjacent to UCLA in West Los Angeles. The seller, a local family, has owned the property since they built it in 1939. It was the first and currently remains the oldest hotel in Westwood.
A portion of the loan proceeds will go towards a renovation of the property that will include upgrades to guest rooms, common areas, lobby and exterior.
The five-year, non-recourse loan was priced at a competitive spread over the 30-day LIBOR and includes structure for reserves to cover renovation costs, debt service and operating deficits prior to stabilization, according to Thorofare Capital Principal Felix Gutnikov who originated the financing.
The loan was arranged by the New York City office of Mission Capital Advisors LLC.
