Capmark Finance Inc. has assembled a syndicate of 11 lenders, including a Capmark affiliate, to provide a $405 million financing package for The Peabody Orlando hotel in Orlando, Fla. The floating-rate loan refinanced existing debt originated by Capmark Finance in 2005 and provides construction financing for an expansion that will nearly double the size of the hotel. The loan has a four-year term with a one-year extension option. The syndicate members contributed an average of about $36.8 million to the total loan, which is typical for such a large package, Alan Stoller, senior vice president in Capmark\u2019s hospitality lending group told CPN. \u201cInvestors are moving back from the hotel sector today,\u201d continued Stoller. \u201cTo have 11 institutions participate in the financing validates the quality of the asset, the quality of the sponsorship, and the strength of the structure of the loan. All three qualities are important in today\u2019s market.\u201dSumitomo Mitsui Banking Corp. and Societe Generale were co-lead arrangers on the loan syndication. Members of the syndicate include Wachovia, Regions Bank, Helaba, US Bank, HSBC, Mercantil Commercebank, PNC Bank and Bank of East Asia. Other recent Capmark transactions include the origination last week of $28 million in floating-rate interim financing for Ten Thousand NCX, a 15-story office building in Dallas. The borrower was an affiliate of Lincoln Property Co. and Pacific Coast Capital Partners. At the beginning of April, Capmark also originated a $110 million loan to Southern Management Corp. through Capmark\u2019s Freddie Mac program. The money will provide supplemental financing for a portfolio of 61 multi-family properties located in Maryland and northern Virginia A Mobil four-star, AAA four-diamond hotel, The Peabody Orlando currently has 891 guestrooms, 55,000 square feet of meeting space, three full-service restaurants, two lounges, four tennis courts, two outdoor pools and the Peabody Athletic Club. The expansion will add a 32-story tower with 750 guestrooms, 145,000 square feet of meeting space, an 18,000-square-foot spa, new food and beverage outlets and a 2,100-space parking structure. The existing hotel will undergo a complete renovation. Upon completion in the fall of 2010, the hotel will offer direct access to the Orange County Convention Center by way of a covered skybridge.<\/p>\n","protected":false},"excerpt":{"rendered":"
Capmark Finance Inc. has assembled a syndicate of 11 lenders, including a Capmark affiliate, to provide a $405 million financing package for The Peabody Orlando hotel in Orlando, Fla. The floating-rate loan refinanced existing debt originated by Capmark Finance in 2005 and provides construction financing for an expansion that will nearly double the size of…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003790123","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n