HFF Arranges $31M Refinancing of Hotel in Atlanta’s Cumberland/Galleria District
ATLANTA — HFF has arranged a $31 million refinancing loan for Sheraton Suites Galleria-Atlanta, a 278-room hotel in Atlanta’s Cumberland/Galleria submarket. Danny Kaufman, Jeff Bucaro Nicole Aguiar and Matt Casey of HFF represented the borrower, Olshan Properties, in the loan transaction. Loan proceeds will be used to retire the existing loan, repatriate sponsor equity and cover closing costs and financing fees. Olshan Properties acquired the asset in August 2013 and has since invested more than $11 million into renovating guestrooms, corridors and the lobby; adding a Sheraton Club Lounge and Grab-and-Go outlet; and modernizing elevators. The owners plan to use the loan to make further improvements by upgrading meeting space, building exterior and the food and beverage outlets, The Grill and Martini’s Bar. The asset is situated at 2844 Cobb Parkway in northwest Atlanta, about a mile south of SunTrust Park, home of the Atlanta Braves.