RALEIGH, NC—Mission Capital Advisors’ Debt & Equity Finance Group has secured a $20-million non-recourse first mortgage loan from a New York-based debt fund on behalf of Summit Hospitality Group Ltd. to refinance three Marriott-branded hotels located in Raleigh, Charlotte and Cary, NC.
The Mission Capital team of Tom Hall, Jamie Matheny, Ari Hirt and Steven Buchwald represented Summit on an exclusive basis to refinance the three-hotel, 305-key portfolio.
“Summit’s proven track record as one of the premier Marriott franchise operators in North Carolina was instrumental in attracting potential lenders during this transaction,” said Hall. “By running a process and expanding Summit’s traditional list of capital providers, we were able to garner interest and multiple proposals with attractive terms from a variety of lenders, including regional banks, mortgage REITs, debt funds and specialty finance companies. Our client benefited from what is an extremely competitive, aggressive and fluid market today.”
All of the hotel properties have recently or will soon be undergoing property improvements to upgrade guestrooms, lobbies, public spaces and guest corridors. The loan that Mission secured will provide a future funding component to complete the renovations.