NEW YORK — Meridian Capital Group has arranged a $100 million bridge loan for the refinancing of a six-property hotel portfolio located in Florida, Texas, North Carolina and Minnesota. Meridian arranged the loan through an unnamed debt fund based in New York on behalf of the borrower, a Los Angeles-based private equity fund.
The three-year initial loan term features a floating interest rate, interest-only payments for the full term and two one-year extension options. Seth Grossman and Sarah Kuebler of Meridian’s Carlsbad, Calif., office arranged the loan. Grossman and Kuebler also arranged the acquisition financing for the same portfolio in 2012.
“Based largely on the sponsor’s strength, track-record, the improving market and specific hotel conditions, we were successful reaching our client’s objectives, says Grossman. “We refinanced their acquisition loan with an increase in loan proceeds while simultaneously lowering the interest rate several hundred basis points and maintaining ample flexibility for the portfolio going forward.”
The portfolio comprises the following hotels:
• DoubleTree Suites by Hilton Hotel Tampa Bay located at 3050 N. Rocky Point Drive W. in Tampa, Fla.
• Embassy Suites Boca Raton located at 661 N.W. 53rd St. in Boca Raton, Fla.
• Sheraton Suites Fort Lauderdale at Cypress Creek located at 555 N.W. 62nd St. in Fort Lauderdale, Fla.
• Holiday Inn San Antonio located at 77 N.E. Loop 410 in San Antonio
• DoubleTree Suites by Hilton Hotel Raleigh – Durham located at 2515 Meridian Parkway in Durham, N.C.
• Embassy Suites St. Paul located at 175 E. 10th St. in St. Paul, Minn.
Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California. Meridian in 2014 closed 3,480 loans totaling more than $30 billion in transaction volume with 175 unique lenders.
— John Nelson