NATIONAL REPORT—What’s going on in the industry’s financing world? Lenders are giving, and one firm has expanded into property assessed clean energy (PAC) lending. Here are the details:
CHC Secures $19M Refi for DoubleTree Palm Beach Gardens, FL
CHC Capital has arranged $19 million for the refinance of the DoubleTree by Hilton in Palm Beach Gardens, FL for Shamin Hotels. The loan was placed with a national lender and offered a 10-year term, 10-years of interest only and a fixed interest rate locked at 3.8%. The 280-key property was acquired by Shamin in 2016 and has recently undergone a full renovation.
Braemar Reveals Extension of Mortgage Loan For Ritz-Carlton St. Thomas
Braemar Hotels & Resorts Inc. has amended and extended its mortgage loan secured by the Ritz-Carlton St. Thomas. The amended $42.5-million loan has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan will continue to bear interest at a rate of LIBOR + 4.95%. Upon the reopening of the hotel as a Ritz-Carlton, which is planned for later this year, there is the potential for the spread on the loan to be reduced. If the appraised value of the hotel results in a loan-to-value ratio between 65% and 70%, the spread will be reduced by 0.50%. If the appraised value of the hotel results in a loan-to-value ratio less than 65%, the spread will be reduced by 1.00%.
Stonehill Expands Into PACE Lending for All Asset Classes
Stonehill now provides Property Assessed Clean Energy (PACE) lending. The company also named Anne Hill president and Connor Murch director of business development. Together they will head up the newly formed Stonehill PACE division. She will identify and prequalify opportunities for PACE financing, as well as work with developers to structure PACE to fit with the other components of the capital stack.