acquisition loan<\/a> on behalf of Midas Hospitality for the newly built Staybridge Suites Houston\u2013Medical Center. The 120-key, extended-stay hotel is located at 9000 South Main St. in Houston, Texas.<\/p>\nProperty characteristics<\/h2>\n
The hospitality asset opened in January 2017 in the Texas Medical Center submarket, near NRG Park convention center, NRG Stadium, Rice University and the Texas Medical Center. The franchised property serves long-term travelers\u2014internationally, roughly 60 percent of Staybridge Suites guests make arrangements for five or more nights. Hotel amenities include a fitness center, business center, meeting room, barbecue grills, self-laundry facilities and an outdoor pool. In-room amenities include 42-inch cable TVs, fully equipped kitchens with cooktop stoves, full-size refrigerators and dishwashers.<\/p>\n
Facilitators\u2019 impressions<\/h2>\n
Mission Capital Advisors\u2019\u00a0Philip Justiss, Alex Draganiuk and Lexington Henn structured the recourse loan from IBERIABANK.<\/p>\n
\u201cAs a rare new hotel in this area of Houston, the Staybridge Suites is a very attractive asset, but the property\u2019s lack of operating history was a challenge for some lenders,\u201d<\/em> Justiss said in a prepared statement. \u201cAdditionally, with the struggling oil market, there are some capital providers who are generally limiting their exposure to Houston. Despite these challenges, we were able to secure interest from a wide range of lenders and provide the sponsor with both recourse and non-recourse options from banks, hedge funds and debt funds.\u00a0IBERIABANK was the right choice for a number of reasons, but the determining factors were that they understood the sponsor\u2019s financial needs, their business plan and the asset, which is in their backyard.\u201d<\/em><\/p>\n\u201cThe quality of this hotel is unquestionable, and we have complete confidence that its best-in-class amenities and prime location will attract a steady stream of visitors,\u201d<\/em> added Midas Co-Founder J.T. Norville.\u00a0\u201cWe were also able to negotiate and structure a mutually beneficial long-term agreement with the IHG brand, one of our three preferred brands across our portfolio.\u201d<\/em><\/p>\nImages courtesy of Mission Capital Advisors and property website<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"The New York City-based company arranged a $15.3 million acquisition loan for the 120-key Staybridge Suites Houston\u2014Medical Center in Houston.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21751,1589,21742],"tags":[36827,36826,34876,36828],"class_list":["post-1004184361","post","type-post","status-publish","format-standard","hentry","category-deals","category-finance","category-hotel","category-houston","category-latest","tag-iberia-bank","tag-midas-hospitality","tag-mission-capital-advisors","tag-staybridge-suites"],"acf":[],"yoast_head":"\n
Mission Capital Arranges Acquisition Financing for Houston Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mission-capital-arranges-acquisition-financing-for-houston-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mission Capital Arranges Acquisition Financing for Houston Hotel\" \/>\n<meta property=\"og:description\" content=\"The New York City-based company arranged a $15.3 million acquisition loan for the 120-key Staybridge Suites Houston\u2014Medical Center in Houston.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mission-capital-arranges-acquisition-financing-for-houston-hotel\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-19T17:18:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:54:55+00:00\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mission-capital-arranges-acquisition-financing-for-houston-hotel\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mission-capital-arranges-acquisition-financing-for-houston-hotel\/\",\"name\":\"Mission Capital Arranges Acquisition Financing for Houston Hotel - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"datePublished\":\"2017-07-19T17:18:19+00:00\",\"dateModified\":\"2022-12-08T21:54:55+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mission-capital-arranges-acquisition-financing-for-houston-hotel\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/mission-capital-arranges-acquisition-financing-for-houston-hotel\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mission-capital-arranges-acquisition-financing-for-houston-hotel\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mission Capital Arranges Acquisition Financing for Houston Hotel\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\",\"name\":\"Anca Gagiuc\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d3faafbc9e42cee6d04189129d2ee35dc7818b52bae9848e065f3b86af1df47e?s=96&d=mm&r=g\",\"caption\":\"Anca Gagiuc\"},\"description\":\"Anca Gagiuc brings more than a decade of experience within the real estate industry. 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