Cantor Commercial Funds $110M for 7-Property Hotel Portfolio
- Feb 25, 2015
Real estate capital intermediary HFF announced on Feb. 24th that it has arranged mortgage financing worth $110 million for a seven-property, full-service hotel portfolio that totals 2,566 keys. The portfolio includes properties from Florida, California, Virginia, Ohio, and New Mexico.
The borrower that hired HFF to secure the five-year, floating-rate loan through Cantor Commercial Real Estate is a joint venture between Varde Partners Inc., Interstate Hotels & Resorts, and Waramaug Hospitality Management. The HFF representatives who formed the debt placement team were director Michael Weinberg, senior managing director and head of HFF’s hotel group Dan Peek, senior managing director Trey Morsbach, and real estate analyst Preston Reid.
The New Mexico property included in the portfolio is Sheraton Albuquerque Airport Hotel located at 2910 Yale Blvd. S.E., just 200 yards from baggage claim. The hotel offers 276 guest rooms and over 12,000 square feet of flexible meeting space equipped with high speed Internet access and latest audiovisual amenities. Amenities include fitness center, outdoor pool, and free shuttle service within surrounding area.
“The client purchased assets that were desperately in need of capital and were undermanaged,” Weinberg said. “They spent more than $50 million on extensive renovations, which led to a sharp increase in performance due to the enhanced product offering and professional management. The performance and exceptional sponsorship were very well received by the debt capital markets.”
Photos courtesy of Sheraton Albuquerque Airport Hotel.