Finance
Korean Fund Manager Provides $126M Loan for Toronto Hotel
Princes Gates Hotel LP, owner of Hotel X Toronto, will use the funds to refinance the newly opened, 404-key lodging destination.
NC Aloft Hotel Lands $25M Refi
Walker & Dunlop structured the 10-year, non-recourse refinance loan for the 115-key Aloft Asheville, working on behalf of McKibbon Hospitality, the property’s owner and developer.
Fully Leased NJ Industrial Asset Lands $20M Financing
Principal Real Estate Investors provided the loan for Adler Development’s soon-to-be-completed warehouse situated along the Route 130 industrial corridor.
SunTrust Arranges $50M for Purchase of Dual-Branded Marriott Hotel
Key International is the new owner of a 255-key property in Clearwater Beach, Fla., which incorporates both a Residence Inn and a SpringHill Suites.
Berkadia Secures $13M Refi for Miami Beach Hotel
The brokerage team represented borrower Eidico, an Argentinean real estate developer specializing in hospitality, which acquired The Lord Balfour Hotel roughly eight years ago.
Nashville Hotels Change Hands
Wheelock Street Capital sold the two-property portfolio to The Gehr Group approximately five years after acquiring the assets for $18.6 million.
FL Self Storage Receives $7M Refi
Aztec Group arranged the loan through Benefit Street Partners LLC on behalf of Jacksonville Self Storage LLC. The facility is in Jacksonville, Fla., around 8 miles from the city’s downtown.
Madison Capital JV Refinances Historic Manhattan Asset
PGIM provided the loan, which will enable the partnership to complete renovations at the landmark building in the Flatiron district.
Salt Lake City-Area Retail Center Lands $69M Refi
Dallas-based TriGate Capital received the financing for the 726,000-square-foot, Harmons-anchored property in Taylorsville, Utah. HFF secured the 3-year, floating-rate loan.
Navigating Construction Loans, Part 2
In the second installment of this series, Avison Young’s Jay Maddox describes various guarantees typically required by construction lenders, as well as approaches that borrowers can deploy to protect themselves.