Berkadia has arranged the refinancing of WoodSpring Suites Charlotte – University Research Park, a 122-key, extended-stay hotel in Charlotte. Managing Director Michael Weinberg and Associate Director Alec Fox of Berkadia Hotels & Hospitality secured $10 million in refinancing through KeyBank on behalf of the sponsor, Orlando-based Liberty Investment Properties.
KeyBank provided a five-year, fixed-rate CMBS loan with a competitive interest rate and a full-term interest-only period. This transaction will represent the start of Liberty Investment Property’s new long-term, perpetual income fund, which will focus on income-producing extended-stay hotel assets.
“In a challenging debt market, the teams at Berkadia and KeyBank were able to deliver significant value with this stable asset class that produces consistent returns,” said Adam Mikkelson, CEO, Liberty Investment Properties.
Fox said, “This asset benefits from a number of demand drivers including proximity to UNC Charlotte and the Wells Fargo campus and has dominated its competitive set over the past 12 months. The WoodSpring Suites brand has remained incredibly resilient compared to the hospitality sector as a whole, demonstrated by its chain-wide occupancy of 72% in 2020 versus 44% for the hotel industry overall.”
Built in 2021, the hotel features 122 rooms equipped with full kitchens, queen-size or king-size beds, flat-screen TVs, housekeeping services, pet-friendly room options and complimentary WiFi. The property is located about three miles from the University of North Carolina Charlotte and Atrium Health University City, 10 miles from the Uptown business and entertainment district, and close to several offices and research parks.
