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| Sarah Kuebler |
New York, NY
June 30, 2015– Meridian Capital Group, America’s most active debt broker,
negotiated a $100 million bridge loan for the refinance of a six-property hotel
portfolio located in FL, TX, NC and MN on behalf of a Los Angeles based private
equity fund.
The
three-year initial loan term, provided by a New York-based debt fund, features
a floating-rate, interest-only payments for the full term, and two one-year
extension options.
This
transaction was negotiated by Meridian Managing Director, Seth Grossman, and Vice President, Sarah Kuebler, who are both based in the Company’s Carlsbad, CA
office. Grossman and Kuebler also arranged the acquisition financing for the
same portfolio in 2012.
The
portfolio is composed of the following six hotels: DoubleTree Suites by Hilton
Hotel Tampa Bay located at 3050 North Rocky Point Drive West in Tampa, FL;
Embassy Suites Boca Raton located at 661 NW 53rd Street in Boca Raton, FL;
Sheraton Suites Fort Lauderdale at Cypress Creek located at 555 NW 62nd Street
in Fort Lauderdale, FL; Holiday Inn San Antonio located at 77 NE Loop 410 in
San Antonio, TX; DoubleTree Suites by Hilton Hotel Raleigh – Durham located at
2515 Meridian Parkway in Durham, NC; and Embassy Suites St. Paul located at 175
East 10th Street in St. Paul, MN.
 |
| Seth Grossman |
“Based
largely on the sponsor’s strength, track-record, the improving market and
specific hotel conditions, we were successful reaching our client’s objectives.
"We refinanced their acquisition loan with an increase in loan proceeds while
simultaneously lowering the interest rate several hundred basis points and
maintaining ample flexibility for the portfolio going forward,” said Mr.
Grossman.
Founded in
1991, Meridian Capital Group is America’s most active debt broker and one of
the nation’s leading commercial real estate finance advisory firms.
In 2014,
Meridian closed 3,480 loans totaling more than $30 billion in transaction
volume with 175 unique lenders, equating to $120 million per business day.
Since inception, the company has closed more than $200 billion in financing
with the full complement of capital providers, encompassing local, regional and
national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance
companies, credit unions and private equity funds.
Meridian arranges financing for many of the
world’s leading real estate investors and developers and the company’s
expansive platform has specialized practices for a broad array of property
types including office, retail, multifamily, hotel, mixed-use, industrial,
healthcare, student housing and self-storage properties.
Meridian is
headquartered in New York City with offices in New Jersey, Maryland, Illinois,
Florida and California.
For a complete copy of the company’s
news release, please contact:
Jonathan
Stern
Meridian
Capital Group
212/972-3600
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