In hotel financing news, HALL Structured Finance has closed on a loan to refinance a Tapestry Collection hotel in Aventura, FL, and Black Bear Capital Partners has arranged $52.5 million in hotel financing, which includes the acquisition of three Motel 6 properties in Las Vegas.
HSF closes $29.4M loan to refinance Serena Hotel
Dallas-based HALL Structured Finance (HSF) has closed a new $29.4-million, first-lien bridge loan to refinance the Serena Hotel, a Tapestry Collection Hotel by Hilton, located in Aventura, FL. The hotel is owned and was developed by Aventura-based Rieber Developments and opened in May 2021. Driftwood Hospitality Management is the property manager.
The 100-key hotel is located between Fort Lauderdale and Miami in the Aventura medical district within a mixed-use development including medical offices, ground-level retail and structured parking. The hotel features 12-ft. ceilings with ocean views and luxury interior finishes. It also includes 34 extended-stay guestrooms. On-site featured amenities include a restaurant and lounge with a Michelin-rated chef, a rooftop bar, an outdoor pool and bar, meeting spaces, a fitness center and lobby workstations.
Dmitry Levkov and Jeffrey Donnelly, executive directors at Colliers International, sourced the financing for the project.
BBCP arranges $52.5M in financing for Las Vegas Motel 6 hotels
Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of Black Bear Asset Management, has arranged $52.5 million in hotel financing, which includes the acquisition of a corporate-owned Motel 6 hotel portfolio in Las Vegas.
The recent transactions include a one-year, $43.5-million floating-rate, non-recourse loan, with full-term interest-only payments, which represents a 75% LTV, to fund the acquisition of three Motel 6 properties totaling 606 keys. New York-based Stabilis Capital Management was the lender that provided the financing for this senior acquisition. The borrower is a private investor.
BBCP separately arranged mezzanine financing for the borrower. The one-year, $9-million fixed-rate loan structured a portion of proceeds to facilitate the acquisition of the hotel portfolio, as well as provided cash out to the borrower through capitalization of existing assets. The mezzanine financing was provided by Boca Raton, FL-based Monolith Debt Strategies.
Black Bear Capital Partners’ Senior Managing Director Suraj Desai arranged both components of the financing package.
The Motel 6 properties are located at 195 E. Tropicana Ave., 5085 Dean Martin Dr. and 4125 Boulder Highway. The assets are situated in high barrier-to-entry locations, with two in the Las Vegas Strip area and one on the Boulder Strip. They are in close proximity to the city’s key demand drivers including the major hotel-casinos, the Las Vegas Convention Center, Allegiant Stadium, T-Mobile Arena, the University of Nevada Las Vegas and the McCarran International Airport.
