Stonehill provides $80m loan for portfolio of extended-stay hotels

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ATLANTE, July 06, 2022–(BUSINESS WIRE)–Stonehill, a commercial real estate direct lender, has launched a three-year, $79.8 million floating rate bridge loan for New York-based Churchwick Partners to support the recapitalization and acquisition of a property of 12 properties, a long-stay hotel portfolio comprising 1,432 rooms.

“Our sponsors benefit from experienced real estate lenders who can initiate and close complex transactions,” said Nick Baer, ​​vice president of business development at Stonehill. “With traditional lenders’ financing options limited for hotels and other commercial real estate properties, we are pleased to provide Churchwick Partners with the lending solution, financial capacity and hotel expertise to complete this transaction in a market environment. difficult capital.”

The extended stay segment has shown its strength throughout the pandemic, achieving the highest performance results of any hotel segment.

The portfolio consists of:

  • 158-room Sonesta ES Suites Cleveland Airport in Middleburg Heights, OH

  • 144-room Sonesta ES Suites Chicago-Lombard in Lombard, Illinois

  • 128-room Sonesta ES Suites in Birmingham, AL

  • 128-room Westminster Denver North Suburban Extended Stay Hotel in Westminster, CO

  • 124-room Candlewood Suites Syracuse Airport in Syracuse, NY

  • 120-room Sonesta ES Suites St. Paul Airport in Egan, MN

  • 121 rooms Simply Suites Detroit Southfield in Warren, MI

  • 106-room Sonesta ES Suites Dublin-Columbus in Columbus, OH

  • 106-room Sonesta ES Suites in St. Louis, MO

  • 105-room Sonesta ES Suites in Memphis, Tennessee

  • Simple 98-room suites in Knoxville, Tennessee

  • 94-room Sonesta ES Suites in Montgomery, AL

Stonehill provides thoughtful solutions for mid-market businesses. Stonehill executives took on approximately $5.0 billion in debt. Stonehill was ranked the tenth largest commercial real estate hotel lender in the United States by origination volume based on the Mortgage Bankers Association’s 2021 Loan Origination Rankings.

About Stone Hill

Stonehill primarily focuses on financing revolving loans, bridge loans, mezzanine loans and preferred equity investments. Since its inception in 2013, Stonehill and its partners have launched more than $5.0 billion in capital-seeking projects to complete acquisitions, recapitalizations, refinancings and renovations. For more information, please visit www.stonehillsc.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220706005302/en/

contacts

Media
Charles Talbert
678-823-7683
[email protected]

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