{"id":1004308229,"date":"2019-03-14T07:28:51","date_gmt":"2019-03-14T15:28:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004308229"},"modified":"2019-03-14T07:28:51","modified_gmt":"2019-03-14T15:28:51","slug":"atlanta-hotel-lands-31m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/atlanta-hotel-lands-31m-refi\/","title":{"rendered":"Atlanta Hotel Lands $31M Refi"},"content":{"rendered":"
\"\"<\/a>

Sheraton Suites Galleria-Atlanta<\/p><\/div>\n

Olshan Properties has secured $31 million to refinance Sheraton Suites Galleria-Atlanta, an all-suite, full-service hotel in Atlanta. HFF arranged the five-year, floating-rate loan with Mesa West Capital. The proceeds will go towards retiring the existing loan, repatriate sponsor equity and cover the closing costs and financing fees. <\/p>\n

Located at 2844 Cobb Parkway, the hotel comprises 278 keys. Olshan Properties purchased the asset back in August 2013 and has since invested more than $11 million in property improvements. This included renovating the guestrooms, corridors and lobby, adding in a Sheraton Club Lounge and Grab-and-Go outlet, as well as modernizing the elevators. Additional improvements included upgrading the meeting spaces, building exterior and The Grill and Martini’s Bar. The hotel also features a fitness center, business center and indoor\/outdoor pool. <\/p>\n

The property is situated adjacent to the Cumberland Shopping Center, across the street from the Cobb Galleria Convention Centre and across Interstate 285 from the newly built SunTrust Park, a $1.1 billion mixed-use project. <\/p>\n

The HFF debt placement team included Senior Managing Director Danny Kaufman, Senior Director Jeff Bucaro and Directors Nicole Aguiar and Matt Casey. <\/p>\n

\u201cWe had very strong process on this financing as a result of the physical quality of the property, strength of the sponsorship, and location. The asset sits in a location where there is enhanced entertainment and job growth surrounding it. Both lenders and the owner expect additional lift in operations going forward,” <\/em>Kaufman told Commercial Property Executive. <\/em><\/p>\n

Last November, Olshan Properties reopened The Hilton Marco Island Beach Resort & Spa<\/a>, an 11-story, 310-key beachfront resort on Marco Island, Fla., after investing $60 million in interior and exterior renovations. <\/p>\n

Image courtesy of HFF <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

HFF arranged the loan for Sheraton Suites Galleria-Atlanta, which has undergone more than $11 million in upgrades since last purchased in 2013. <\/p>\n","protected":false},"author":746,"featured_media":1004308235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21825,21751,21742],"tags":[32792,33367,33240,37315,34448],"class_list":["post-1004308229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-finance","category-hotel","category-latest","tag-hff","tag-jeff-bucaro","tag-mesa-west-capital","tag-olshan-properties","tag-sheraton"],"acf":[],"yoast_head":"\nAtlanta Hotel Lands $31M Refi - 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\/atlanta-hotel-lands-31m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Atlanta Hotel Lands $31M Refi\" \/>\n<meta property=\"og:description\" content=\"HFF arranged the loan for Sheraton Suites Galleria-Atlanta, which has undergone more than $11 million in upgrades since last purchased in 2013.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/atlanta-hotel-lands-31m-refi\/\" \/>\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=\"2019-03-14T15:28:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Sheraton-Suites-Galleria-Atlanta.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\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\/atlanta-hotel-lands-31m-refi\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/atlanta-hotel-lands-31m-refi\/\",\"name\":\"Atlanta Hotel Lands $31M Refi - 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