Source: Hotel Management

Mission Capital Advisors’ Debt & Equity Finance Group has secured a $20-million non-recourse first mortgage loan from a New York-based debt fund on behalf of the Summit Hospitality Group to refinance three North Carolina Marriott-branded hotels located in Raleigh, Charlotte and Cary, consisting of 305 rooms.


Financing

Mission Capital arranges $20M loan for three North Carolina hotels


Nov 25, 2014 11:37am


Mission Capital Advisors' Debt & Equity Finance Group has secured
a $20-million non-recourse first mortgage loan from a New York-based debt fund on behalf of the Summit Hospitality Group to refinance three North Carolina Marriott-branded hotels located in Raleigh, Charlotte and Cary, consisting of 305 rooms.
The Mission Capital team of Tom Hall, Jamie Matheny, Ari Hirt and Steven Buchwald represented
Summit on the deal.
“Summit’s proven track record as one of the premier Marriott franchise operators in North Carolina was instrumental in attracting potential lenders during this transaction,” said Hall. “By running a process and expanding Summit’s traditional list of capital providers, we were able to garner interest and multiple proposals with attractive terms from a variety of lenders including regional banks, mortgage REITs, debt funds and specialty finance companies. Our client benefited from what is an extremely competitive, aggressive and fluid market today.”
Added Hall: “During the marketing period, Mission was able to successfully highlight the superb sponsorship and management team of Summit in conjunction with the advantageous location of the hotels in the transaction. As the hospitality market continues to strengthen, this is yet another example of Mission Capital’s ability to identify attractive, creative non-recourse financing that fit our clients’ needs and wants.”
All of the hotel properties have recently, or will soon be undergoing property improvements to upgrade guest rooms, lobbies, public spaces and guest corridors. The loan that Mission secured will provide a future funding component to complete the renovations.
Summit, which manages 18 hotels across North Carolina, remains an active player in the area’s hospitality industry. The group acquired the downtown Winston-Salem Wingate last month and is in the process of converting it to a Fairfield Inn & Suites, opened the new Hyatt Place at Southpoint in August, and have plans to break ground on a nine-story, downtown Raleigh Residence Inn in 2015.
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Source: Globe Street

New York City-based debt fund Summit Hospitality Group Ltd. has secured $20-million in non-recourse first mortgage debt to refinance Marriott-branded hotels in Charlotte, Cary and Raleigh, NC. The financing deal was announced by Mission Capital Advisors, which reports that its Debt & Equity Finance Group secured the loan on behalf of Summit Hospitality.

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Source: Wall Street Journal

FirstBank has put a mostly real estate portfolio with a face value of $443 million on the block. The San Juan-based bank has hired Mission Capital Advisors to market the portfolio, which consists of about 531 loans to 289 different borrowers.

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Source: Triangle Business Journal

Raleigh hotel owner and operator Summit Hospitality Group has secured a $20 million refinancing plan for three of its Marriott-branded hotel properties in Raleigh, Cary and Charlotte. A team from Mission Capital Advisors’ new debt and equity finance office in Cary assisted Summit in the deal.

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Source: Journal Online

Mission Capital Advisors announced its Debt & Equity Finance Group arranged a $20.5 million first mortgage facility for the aLoft O’Hare, a 251-key hotel in Rosemont.

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Posted: Tuesday, November 18, 2014 6:30 pm

Mission Capital Advisors, a national real estate capital markets solutions firm, announced its Debt & Equity Finance Group arranged a $20.5 million first mortgage facility for the aLoft O’Hare, a 251­key hotel in Rosemont. Mission Capital’s Jordan Ray, Stephen Emery, Ari Hirt
and Steven Buchwald represented Continental Properties Co. in arranging the financing with Natixis. “This is the second time we represented Continental Properties in the financing of the aLoft O’Hare, with this loan replacing a previous $16.5 million financing for the hotel in 2012,” said Ray. “They selected Mission again as they were seeking to capitalize on the current window of opportunity to refinance at historically low rates and the continued improvement in the regional hospitality market.” The aLoft is a six­story, 126,292­sq. ft. property at 9700 Balmoral Ave. next to MB Financial Park.

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Source: RE JourNal

Mission Capital announced that its Debt & Equity Finance Group arranged a $20.5 million first mortgage facility for the aLoft O’Hare, a 251-key hotel in the Chicago O’Hare Airport submarket of Rosemont, Illinois.

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Mission Capital Advisors announced that its Debt & Equity Finance Group arranged a $20.5 million first mortgage facility for the aLoft O’Hare, a 251-key hotel in the Chicago O’Hare Airport submarket of Rosemont, Illinois.

Media Contact: Christa Segalini Beckerman

201-465-8021 csegalini@beckermanpr.com

FOR IMMEDIATE RELEASE

Mission Capital Advisors Arranges Fifth Midwest Financing in Two Months with

$20.5 Million Refinancing for aLoft O’Hare in Chicago

Mission Capital Continues Strong Activity in Midwest with Financing of

Premier Hotel in Chicago Submarket

Chicago, IL (November 13, 2014) — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Debt & Equity Finance Group arranged a $20.5 million first mortgage facility for the aLoft O’Hare, a 251-key hotel in the Chicago O’Hare Airport submarket of Rosemont, Illinois.

Mission Capital’s Jordan Ray, Stephen Emery, Ari Hirt and Steven Buchwald represented Continental
Properties Company in arranging the financing with Natixis.
“This is the second time we represented Continental Properties in the financing of the aLoft O’Hare, with this loan replacing a previous $16.5 million financing for the hotel in 2012,” said Ray. “They selected Mission again as they were seeking to capitalize on the current window of opportunity to refinance at historically low rates and the continued improvement in the regional hospitality market.”
“We received tremendous interest from lenders who were impressed with the strength of the sponsor and the quality of the Starwood-flagged hotel, which is one of the premier hotels in the Chicago O’Hare submarket,” said Hirt. “We leveraged our local market knowledge and lender relationships to secure a very low fixed interest rate and several years of interest only.”
The aLoft O’Hare is a six-story, 126,292-square-foot property ideally located five minutes from O’Hare’s terminals and 15 miles northwest of downtown Chicago. O’Hare is ranked as the fifth-busiest airport in the world and the second-busiest in the United States.
The hotel is in close proximity to major commercial centers, including the 840,000-square-foot Donald E. Stephens Convention Center, the 530,000-square-foot Fashion Outlets of Chicago outlet mall and the
200,000-square-foot MB Financial Park entertainment district. The aLoft O’Hare is easily accessible by all major transportation routes, including I-294 and I-90, as well as the CTA blue line and the Metra and Pace buses.
Mission Capital has been extremely active this year assisting clients with opportunities in the Midwest, Recent deals completed by the firm include $12 million of financing for retail shopping centers in Steubenville and Cuyahoga Falls, Ohio; a $31.4 million financing arranged last month for a multifamily project in Indianapolis; and financing for retail shopping centers in Troy and Farmington Hills, Michigan earlier this year.

About Mission Capital Advisors

Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York City, Florida, Texas, California and Mobile, Alabama. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $45 billion of loan sale and financing transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.www.missioncap.com.

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Source: Crain's

A venture of Menomonee Falls, Wisconsin-based Continental Properties Co. borrowed $20.5 million against an Aloft Hotel it owns in Rosemont, near O’Hare International Airport, from Natixis Real Estate Capital LLC. Mission Capital helped broker both the new and old loan for the landlord.

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Source: Crain's

Continental Properties borrowed $20.5M against an Aloft Hotel it owns in Rosemont, near O’Hare International Airport, from Natixis Real Estate Capital LLC. Mission Capital helped broker both the new and old loan for the landlord.

November 13, 2014

By Micah Maidenberg

O'Hare hotel refinanced with $20.5 million loan

A venture of Menomonee Falls, Wisconsin-based Continental Properties Co. borrowed
$20.5 million against an Aloft Hotel it owns in Rosemont, near O'Hare International Airport, from Natixis Real Estate Capital LLC, a New York unit of French bank Natixis SA, according to Cook County property records. The fresh loan replaces a $16.5 million mortgage the Continental venture borrowed in 2012 on the 251-room hotel at 9700
Balmoral Ave., the records show. Continental wanted to “capitalize on the current window of opportunity to refinance at historically low rates and the continued improvement in the regional hospitality market,” said Jordan Ray, a managing director at New York-based Mission Capital Advisors LLC, which helped broker both the new and old loan for the landlord. Messages left for Continental and Natixis Real Estate weren't returned.

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Source: Bloomberg

Bank of America Corp. and Citigroup Inc. (C) are selling multiple pools of soured U.S. mortgages to meet demand from investment firms that are pushing prices higher, according to three people with knowledge of the matter. Mission Capital’s Managing Director Luis Vergara comments on the market.

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Source: The Real Deal

Mission Capital Managing Director Jordan Ray comments on how South Florida developers are increasingly in need of large construction loans, but institutional lenders are not loosening up their stringent requirements, leading some developers to look to alternative sources for funds.

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Source: Commercial Mortgage Alert

Colony Capital is offering $90 million of mixed-quality loans and foreclosed properties. Mission Capital is running the auction for Colony.

Colony Shops Mixed-Quality Assets

Colony Capital is offering $90 million of mixed-quality loans and foreclosed properties.

The 323 assets have an average balance of $278,500. Al- most two-thirds of the aggregate balance is nonperforming, with roughly $30 million of the portfolio performing.
Acquisition, development and construction loans account for 71% of the pool balance, and commercial real estate as- sets make up the rest. The assets are spread over 19 states, with concentrations in Florida (54.5% of the portfolio bal- ance) and Michigan (10.7%). The collateral types vary widely.
The performing commercial mortgages have a 5.8% weighted average coupon and a weighted average maturity date of 2021. The performing acquisition, development and construction loans have a 5.6% weighted average coupon and a weighted average maturity date of 2021.

Mission Capital is running the auction for Colony, a Santa Monica, Calif., high-yield investment shop. Mission has di- vided the assets into four pools: two performing pools for each type of asset and two nonperforming pools for each. Investors can bid on individual pools or any combination. Initial bids are due on Nov. 18. Bids from finalists will be due on Dec. 11.

COMMERCIAL MORTGAGE ALERT: Nov. 7, 2014, 5 Marine View Plaza, Suite 400, Hoboken NJ 07030. 201-659-1700

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