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4/27/17
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West Hollywood-based Shamina Investments recently purchased the Claremont Hotel Westwood, a 53-room hotel property in Los Angeles’ upscale Westwood neighborhood. Shamina plans to move forward with an extensive renovation of the property.
The Claremont is located at 1044 Tiverton Ave 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.
Shamina obtained an $11.25 mil floating-rate whole loan from Thorofare Capital for its acquisition and renovation of the hotel. 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.
The renovation work will include upgrades to all guest rooms, common areas, lobby and exterior. The hotel will remain open during the construction work.
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