Financing and transactions are happening across the country, including two loans for the construction of a new Aloft hotel.
Arriba Capital provides $16.5M construction loans
Arriba Capital recently closed a $12.4-million senior loan combined with a $4.1-million C-PACE loan for a combined 80% LTC ground-up construction of an Aloft Hotel by Marriott.
The new 114-room hotel is located off the I-5 near the Sacramento International Airport in an area that was previously unable to be developed. The city has made the necessary improvements to allow for rezoning and this Aloft will be one of the first major developments in the area. The borrower is an experienced, privately held hospitality management and development group based in the Southeast.
MidCap arranges $20.5M loan for three WoodSpring Suites Hotels
MidCap Hotel Loans just closed one of the very first CMBS hotel loans since COVID to achieve an interest-only period and no debt service reserves, according to the company.
The borrower, an affiliate of Lennox Capital Partners, utilized the $20.5-million non-recourse loan to acquire a WoodSpring Suites hotel by combining it with the refinance of two WoodSpring Suites already in their portfolio. The three WoodSpring properties total 368 rooms.
MidCap structured the 10-year loan, carrying a fixed rate in the low 4s, with one year interest-only followed by a 30-year amortization. Taylor W. Grace, managing partner, MidCap Hotel Loans, represented the borrower.
MCR purchases the Lakeside Residence Inn by Marriott Seattle Sea-Tac Airport
MCR has acquired the newly built 170-suite Residence Inn by Marriott Seattle Sea-Tac Airport in Washington. The hotel is close to the 146-room Residence Inn by Marriott Seattle South/Renton that MCR acquired in June of this year.
The property has a rooftop patio, fitness center, business center, lobby bar and 480 sq. ft. of meeting space.