COLUMBUS, OHIO AND ARLINGTON, VA. — Marcus & Millichap Capital Corp. has arranged two CMBS loans totaling $30.8 million for the refinancing of two hospitality properties. The properties include the Holiday Inn Capital Square in Columbus, Ohio and the Hampton Inn Crystal City in Arlington, Va. A $5.8 million CMBS loan was arranged to refinance the Holiday Inn Capital Square property. A $25 million CMBS debt placement loan was arranged to refinance the Hampton Inn. Keith Bauer of MMCC’s Washington, D.C. office arranged both loans for the undisclosed borrowers.
Hospitality
CHARLOTTE, N.C. — Lowe Enterprises Investors (LEI) has acquired the Aloft Charlotte Uptown @ the EpiCentre, a 175-room hotel located at 210 E. Trade St. in Charlotte’s Uptown district. LEI has tapped its affiliate Destination Management to manage the hotel, which will continue to operate under the Aloft brand. The hotel is within walking distance of Bank of America’s global headquarters, Bank of America Stadium, the NASCAR Hall of Fame and the Charlotte Convention Center. The property features a fitness center, indoor pool, 2,500-square-foot meeting facility, business center and the w xyz bar. Russell Munn of LEI led the acquisition team. Wells Fargo provided acquisition financing on behalf of LEI.
ARLINGTON, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $25 million CMBS loan to refinance Hampton Inn Crystal City in Arlington. Keith Bauer of MMCC’s Washington, D.C., office arranged the 65 percent LTV loan with a fixed interest rate of 4.76 percent.
WALL, N.J. — AB Monmouth LLC, a wholly owned subsidiary of Amboy Bank, has proposed constructing an extended-stay hotel at the unfinished The Monmouth site, located at the intersection of routes 70 and 35 in Wall. The planned hotel will offer 199 guest units for short- or long-term guest. Originally designed by a previous developer as a 4,000-square-foot age-restricted community of condominiums, The Monmouth site has remained been half-built since 2011. AB Monmouth cannot sustain the undeveloped site indefinitely, and the company believes an extended-stay hotel is the best option for the property.
MIAMI — Meridian Capital Group LLC has negotiated a $17 million loan to refinance the Aloft Miami-Brickell in Miami. The 160-room hotel is located at 1001 S.W. Second Ave. in Miami’s financial district. Michael Brown and Brad Beattie of Meridian Capital arranged the 10-year loan with a fixed 4.86 percent interest rate through an unnamed CMBS lender.
NEW YORK CITY — Meridian Capital Group has arranged $70 million to refinance the Refinery Hotel located on 63 West 38th St. in New York City. The borrower was 63 West 38th LLC. The 12-story hotel features 197 rooms, as well as Parker & Quinn restaurant, Winnie’s lobby bar, Refinery Rooftop, and The Hatbox, an industrial gallery space. A CMBS lender provided the fixed-rate 10-year loan. David Hayum and Steven Adler of Meridian Capital negotiated the financing.
MIDLAND, TEXAS — A 90-guestroom, four-story Holiday Inn Express by InterContinental Hotels Group has opened in Midland. Dallas-based Mayse & Associates Inc. designed the hotel, which spans 55,200 square feet on Crump Street near I-20 and Rankin Highway. Lubbock-based Greenstreet Inc. constructed the project. Insignia Hospitality Group owns and manages the hotel.
NEW YORK — Prodigy Network has purchased 17 John St. in downtown Manhattan for $85.3 million. The property was purchased with more than $25 million in crowd-funded equity, senior financing from Deutsche Bank and subordinate financing from a New York-based institutional investor. Accredited investors from more than 12 different states and 10 countries invested in participations starting at $50,000 in this New York building. Upon completion of construction, the extended-stay property will span 23 stories and feature 191 furnished units.
NASHVILLE, TENN. — HREC Investment Advisors has arranged the sale of Hyatt Place Nashville Airport Hotel in Nashville. Greenwood Hospitality Group is managing the 83-room hotel on behalf of the new owner. The hotel is located across from the Nashville International Airport and eight miles east of downtown Nashville. Chattanooga, Tenn.-based Vision Hospitality Group developed the hotel in 2000 and later converted the property to a Hyatt Place in 2007. Barry Swanson and Scott Stephens of HREC represented the seller in the transaction.
TYBEE ISLAND, GA. — HFF has arranged a $13.5 million acquisition loan for Ocean Plaza Beach Resort, a 204-room hotel fronting the Atlantic Ocean in Tybee Island, approximately 20 miles east of downtown Savannah. The six-building, 223,986-square-foot hotel, which was originally built in 1909, features a restaurant, lounge, meeting and banquet space, business center, two outdoor pools and a video game arcade. Mark Sixour and Greg LaBine of HFF led the team that arranged the loan through M&T Bank on behalf of the borrower, Linchris Hotel Corp., which plans to spend approximately $1.5 million in the first year for property upgrades.