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| Holiday Inn Savannah Historic District Hotel Savannah, GA |
Boca Raton, FL, April 29, 2015– Meridian Capital Group,
America’s most active debt broker, negotiated an $18.2 million bridge loan for
the purchase of the Holiday Inn Savannah Historic District hotel property
located in Savannah, GA.
The two-year interest-only loan, provided by a balance sheet
lender with an exit to CMBS execution, features a floating-rate of 380 basis
points over the 30-day LIBOR rate and a one-year extension option.
This
transaction was negotiated by Meridian Capital Group Director, Noam Kaminetzky, who is based in the
Company’s Boca Raton, FL office.
The five-story hotel property totals 127 rooms and is
located at 15 Martin Luther King Jr. Boulevard in Savannah, GA. The Holiday Inn
Savannah Historic District opened in 2007 as a Four Points by Sheraton but
underwent a multi-million dollar renovation in 2013 and reopened in April 2014
as a Holiday Inn. Prior to the renovation, the hotel was significantly
underperforming compared to the market and there was tremendous upside.
“The borrower is a large hotel operator in the United States
and internationally.
"Obtaining a non-recourse bridge loan provided the sponsor
with an opportunity to implement their proven operating methodology and allow
the asset to further season.
"Upon several years of improved operating history,
the value created will be substantial and the borrower’s plan of recapitalizing
the asset with permanent debt will provide a handsome return for them,” said
Mr. Kaminetzky. “This loan closed in 45 days from start to finish, which was a
huge accomplishment, considering all the moving parts of the transaction,” he
added.
For a complete copy
of the company’s news release, please contact:
Jonathan M. Stern
Managing Director
Meridian Capital Group, LLC
1 Battery Park Plaza, 26th Floor
New York, NY 10004
jstern@meridiancapital.com
Direct: 212.612.0181
Fax: 212.201.5181
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