US: Stonehill has originated a US$79.8 million, loan for New York-based Churchwick Partners to support the acquisition of an extended stay portfolio.
The commercial real estate direct lender has originated a three year floating-rate bridge loan which will be used to purchase and recapitalise the 12-property, extended-stay hotel portfolio.
Nick Baer, Stonehill’s VP of business development said: “Our sponsors benefit from experienced real estate lenders able to originate and close complex transactions. With funding options from traditional lenders limited for hotels and other commercial real estate properties, we are pleased to provide Churchwick Partners with the lending solution, financial capacity and hospitality expertise to close this transaction in a challenging capital market environment.”
The portfolio includes:
158-room Sonesta ES Suites Cleveland Airport in Middleburg Heights, Ohio
144-room Sonesta ES Suites Chicago-Lombard in Lombard, Ill.
128-room Sonesta ES Suites in Birmingham, Ala.
128-room Suburban Extended Stay Hotel Westminster Denver North in Westminster, Colo.
124-room Candlewood Suites Syracuse Airport in Syracuse, N.Y.
120-room Sonesta ES Suites St. Paul Airport in Egan, Minn.
121-room Simply Suites Detroit Southfield in Warren, Mich.
106-room Sonesta ES Suites Dublin-Columbus in Columbus, Ohio
106-room Sonesta ES Suites in St. Louis
105-room Sonesta ES Suites in Memphis, Tenn.
98-room Simply Suites in Knoxville, Tenn.
94-room Sonesta ES Suites in Montgomery, Ala.
The US extended stay market started the year well according to the Highland Group Report.
