Access Point Financial, a direct capital provider focused exclusively on the hospitality industry, has closed a $90 million investment in Citibank's recent $631.5 million commercial mortgage-backed security single-asset single-borrower hotel portfolio refinance (HTL 2024-T53).
The transaction, which Citi arranged for a joint venture between MCR Hotels and Building and Land Technology, included APF acquiring two bond tranches of the capital stack, totaling $90 million.
The portfolio is comprised of 53 limited- and select-service hotels, including 33 Marriott-branded and 20 Hilton-branded properties. The properties are located in 14 states, primarily in the Sunbelt region.
"We have a deep expertise and understanding of these types of hotel assets, which made APF a perfect fit for Citi and the borrower," Jon Kapit, managing director of Access Point Financial, said in a statement. "By APF acquiring the last dollar risk in the offering, it sent a strong signal to the rest of the potential bond investors on the compelling nature of the opportunity that a hospitality specialist was willing to hold that piece."