NATIONAL REPORT—Deals are taking place across the industry. Two companies close on sales, plus three properties receive funding for refinancing and construction:
Crystal Investment Property Completes Sale of Boutique Property
Crystal Investment Property LLC, a member of Hotel Brokers International, has completed the sale of the Commodore Hotel in Astoria, OR. CIP, a licensed Oregon brokerage, represented the seller in the sale. Joseph P. Kennedy, president of CIP, worked with the seller and buyer, as well as the parties’ other professionals, to negotiate a mutually acceptable sale. The final sale price is confidential. The hotel has 18 renovated rooms and is located near a commercial port, is close to Portland, OR, and an international airport.
HVS Closes Sales of Element by Westin in Texas
HVS Brokerage & Advisory has closed on the sale of the 120-key Element by Westin Dallas — Lewisville development project, located in Lewisville, TX. The property was purchased by Arcturus Investments, a development group based in Irving, TX, from Shreem Capital, which is also located in Irving, TX. The property is close to a multitude of corporate demand drivers, including Xerox, Kellogg’s and SYSCO, among others.
BGI Capital Arranges Construction Loan for Holiday Inn in Edgewater, FL
South Florida-based commercial real estate lending firm BGI Capital has closed on a $27.5-million construction loan with Edgewater Hotel Management. The firm structured the loan with a local lender to complete the development of a Holiday Inn by IHG located in Edgewater, FL. The eight-story hotel will have 207 rooms and approximately 3,000 sq. ft. of retail located on the ground floor. Construction is slated for completion in the summer of 2020.
MidCap Funding Arranges Loan for WoodSpring Suites in Jacksonville, FL
MidCap Funding arranged a $4.7-million loan for the refinance of a Jacksonville, FL WoodSpring Suites totaling 105 rooms. MidCap structured the 10-year loan with a 30-year amortization schedule and executed it via CMBS. Loan proceeds were used to refinance the existing first mortgage, fund a partner buyout and provide the borrower with cash-out proceeds.
Petros PACE Finance Provides C-PACE Financing for Hyatt House in Ohio
Petros PACE Finance LLC has closed a $3.5-million Commercial Property Assessed Clean Energy (C-PACE) transaction with Continental Hospitality Group (CHG) to finance the energy efficiency components of the construction of a five-story Hyatt House in Columbus, OH. CHG will use the funds to incorporate sustainable design elements into a 152-room hotel, including efficient building envelope upgrades to the roofing and walls, HVAC equipment and LED lighting. The project is part of “Founder’s Park,” a 20-acre, $200-million mixed-use urban living community. Construction will begin this month with completion expected by early summer 2021.