CBRE Brokers Refinancing for St. Pete Beach Resorts
This roundup features the latest financing of U.S. hotel industry deals and projects.
Lender: Leading German lenders, brokered by CBRE
Borrower: A Gencom affiliate
Value: $105 million
Location: St. Pete Beach, Florida
Date of Loan: May 23, 2022
Takeaway: The recently renovated beachfront properties were refinanced at $407,000 per key.
Lender: Bloomfield Capital
Value: $7 million
Date of Loan: May 18, 2022
Takeaway: The senior bridge loan will fund the conversion of the hotel.
Lender: Brokered by PMZ Realty Capital
Value: $20 million
Location: Denver and Broomfield, Colorado
Date of Loan: May 17, 2022
Takeaway: The three properties were refinances with a non-recourse loan at a rate below 5%.
Lender: An investment bank, arranged by Sonnenblick-Eichner Company
Value: $50 million
Location: Pismo Beach, California
Date of Loan: May 11, 2022
Takeaway: The non-recourse, first mortgage loan is priced at 4.8% with interest-only payments for the entire term.
Lender: Leader Bank
Value: $16.1 million
Location: Salem, Massachusetts
Date of Loan: May 6, 2022
Takeaway: The refinancing for the hotel was done in tandem with the $7.25 million refinancing of the Pickering Wharf Complex.
Lender: Citi Real Estate Funding, Goldman Sachs and Bank of America
Borrower: MSD Partners
Value: $900 million
Location: Boca Raton, Florida
Date of Loan: April 2022
Takeaway: The refinancing returned $265 million to the ownership group, including Dell Technologies Chairman and CEO Michael Dell.