Thorofare Capital funded the acquisition of the Four Points by Sheraton Orlando Studio City.
The 301-room full-service hotel is located on International Drive in Orlando, and was sold by a New York-based asset-management firm who previously bought the defaulted CMBS note in a large pool and subsequently foreclosed on the prior owner.
The non-recourse, fixed-rate bridge loan was sized to 80 percent of the purchase price. The $12 million "unitranche" loan was funded through Thorofare’s situations lending fund, with Thorofare retaining the senior tranche and the junior position funded by separately managed accounts.
Thorofare has funded transactions in excess of $500 million across 26 states since 2011.