Reprinted from Hotel Business
LCP has provided a construction loan for a Nashville hotel, while Ashford Hospitality Trust has refinanced its mortgage loan for a Hilton in Boston.
LCP provides construction loan for The Printing House, a Tapestry by Hilton
The LCP Group LP, a vertically integrated, private real estate investment firm specializing in hospitality investing, has originated a $45.25-million construction loan to Sun Development & Management Corp. to develop The Printing House, a Tapestry by Hilton located in Nashville. LCP partnered with Safanad Limited on the loan origination and syndicated a senior tranche to Knighthead Funding LLC.
The 11-story, 180-room hotel and retail development will have ground-floor retail, three parking levels, an elevated lobby check-in and guestrooms with views of the Nashville skyline. The hotel’s restaurant and lounge, The Local Kitchen & Tap, will feature an outdoor rooftop pool with a sundeck.
Ratio Architects will design The Printing House, located on the former Johnstone Supply building site. The growing SoBro District of Downtown Nashville, in the southwest quadrant of the intersection formed by 3rd Avenue South and Peabody Street, contains many of the city’s shops, the Country Music Hall of Fame, the Bridgestone Arena, the Nashville Convention Center and local restaurants, all close to The Printing House.
Ashford Trust completes mortgage loan refinancing for Boston Hilton
Ashford Hospitality Trust Inc. has successfully refinanced its mortgage loan for the 390-room Hilton Boston Back Bay, which had a final maturity date in November 2022. The company had only one significant final debt maturity in 2022, but this financing addresses that loan. Furthermore, Ashford Trust was able to complete this financing with a best-in-class institutional balance sheet lender.
The new, non-recourse loan totals $98.0 million and has a four-year initial term with a one-year extension option, subject to the satisfaction of certain conditions. The loan is interest only for the initial term with $500,000 quarterly amortization payments during the extension term, and it provides for a floating interest rate of LIBOR + 3.80%.
Robert Douglas, a real estate advisory firm that specializes in providing capital solutions in the hospitality industry, assisted Ashford Trust with this transaction.
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