GREEN BAY, WI—Access Point Financial LLC (APF) has completed an agreement with Lodging Opportunity Fund REIT (LOF REIT) to refinance the Delta by Marriott here.
LOF REIT worked with Access Point Financial to secure a $9.2-million loan on the property. APF had 15 days to underwrite, approve and fund the loan with an impending loan maturity of late March. The loan was being underwritten and approved simultaneously as the COVID-19 pandemic continued to evolve in the U.S., with subsequent travel restrictions and social-distancing policies put in place across the country, directly impacting the hotel industry.
The hotel was acquired by Lodging Opportunity Fund REIT in 2017 as a Ramada. The property underwent an extensive renovation to reposition as a Marriott-branded hotel, opening its doors as the Delta by Marriott Green Bay on Feb. 14, 2019. The hotel is managed by an affiliate, National Hospitality Services.
“The Delta by Marriott in Green Bay has been a staple within its market since it rebranded in early 2019, and we are honored to work with Lodging Opportunity Fund in financing this outstanding property,” said Lori Tirado, managing director, business development at Access Point Financial. “We were able to deliver on this project during the most tumultuous and unprecedented period this country has faced in nearly 100 years, specifically because we have the utmost confidence in Lodging Opportunity Fund and their experience in the industry.”