NATIONAL REPORT—Hotel companies are seeking loans and refinancing properties. Some recent deals involve PMZ Realty Capital LLC, HFS Financial and JLL. Here are the details:
PMZ Realty Capital Completes $37.5M Bridge Loan
PMZ Realty Capital has completed a $37.5-million bridge loan for the new 159-key MC Hotel, an Autograph by Marriott hotel, in Montclair, NJ, on behalf of The Pinnacle Companies and The Hampshire Companies. The loan is a three-year term with a floating rate based on LIBOR and was funded by a public mortgage REIT.
HSF Closes $43.3M Hotel Construction Loan in Boston
HSF has closed a new first lien construction loan totaling $43.3 million to finance the construction of a SpringHill Suites Hotel in Revere, MA, five miles outside of Boston. The new 168-room hotel, adjacent to the Wonderland train station, provides access to Boston’s International Airport and Central Business District. Bill Carroll, president of 1 Financial Corporation, sourced the financing for the project.
JLL Arranges $58.5M Refinancing of Two-Property Hotel Portfolio in Fort Walton Beach, FL
JLL has arranged a $58.5-million refinancing for the leasehold interest on a hotel portfolio comprising two adjacent beachfront hotels totaling 330 keys located in Fort Walton Beach, FL. The hotels reside on a ground lease held with the United States Air Force with 45 years of remaining term. The JLL Capital Markets team representing the borrower was led by Managing Director Jeff Bucaro, Managing Director Rebecca VanReken and Director Nicole Aguiar. The two-property portfolio represents the ninth and tenth properties that members of this team have closed for Innisfree Hotels.
