3650 REIT originates 3 refinancing loans totaling $130.5M

3650 REIT originated a $90 million loan to refinance the Renaissance Dallas at Plano Legacy West Hotel. Photo credit: Marriott International

Balance-sheet lender 3650 REIT funded three 10-year, first-mortgage loans totaling more than $130 million to refinance three properties across the United States. The group loaned $90 million to sponsors Sam and Daniel Moon for the Renaissance Dallas at Plano (Texas) Legacy West Hotel; $20.5 million to sponsor David Kenny for the Courtyard by Marriott Lake George (N.Y.); and $20 million to sponsor Naman Hotels for the Hilton Garden Inn Charlotte (N.C.) Waverly.

“These loans reflect the substantial progress we have made throughout 2019; not only have we facilitated a healthy pipeline of opportunities, but at the end of the second quarter, our 2019 originations have already surpassed the $600 million milestone,” Toby Cobb, co-founder and managing partner at 3650 REIT, said in a statement.

Built in 2017, the Renaissance Dallas at Plano Legacy West Hotel is centrally located in the Legacy West development, which includes more than 600,000 square feet of upscale retail and office space, as well as more than 1,000 residential units. It was developed simultaneously with the rest of the development, whose office tenants include Toyota Motor North America, Liberty Mutual Insurance, J.P. Morgan Chase & Co. and NTT Data. The hotel includes 304 guestrooms, nearly 35,000 square feet of meeting space, three food-and-beverage locations, a fitness center and an outdoor pool.

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The Courtyard by Marriott Lake George, built in 2017, features 119 guestrooms, more than 13,000 square feet of meeting space, a restaurant, a coffee shop and an indoor pool. Sponsor David Kenny is a Lake George, N.Y., local and established hospitality owner who operates nearly 850 rooms. The hotel is located near nightlife, restaurants, shopping, beaches and marinas.

Opened in April 2018, 141-room Hilton Garden Inn Charlotte Waverly includes more than 3,500 square feet of meeting and event space, a swimming pool, a fitness center, a restaurant and a lobby bar. It is located minutes from Charlotte Douglas International Airport and major offices of companies like Caterpillar, ESPN, MetLife, NN and SPX. Sponsor Naman Hotels is an owner, operator and manager of 20 hotels and 2,200 rooms in the southeastern United States.

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