Access Point Financial has arranged a $18.5M acquisition loan for the Hampton Inn & Suites St. Augustine-Vilano Beach, located in St. Augustine, Fla. APF stepped up after another lender unexpectedly backed out and helped the sponsor, Innisfree Hotels, close in less than three weeks as Hurricane Idalia was making landfall and heading towards St. Augustine.
"This was a time-sensitive deal since our previous lender, a credit union, had backed out, leaving us with a potential loss of a large deposit. APF was able to provide us a flexible bridge loan and close in three weeks, all while Hurricane Idalia was projected to make landfall near the property," Innisfree Hotels CFO Brooks Moore said in a statement. "APF provides us with certainty of execution and trust in a market where securing financing for a hotel project can be challenging. In these times of financial uncertainty in the markets, we value our partnership with APF more than ever. The loan closed the day of landfall for Hurricane Idalia and less than two hours after the storm passed near St. Augustine."
The three-story, 94-room Hampton Inn & Suites St. Augustine-Vilano Beach has a fitness center, breakfast dining area, market pantry, outdoor pool with whirlpool and patio, and 840 square feet of meeting space. The property is located near Vilano Beach and close to the historic district of St. Augustine, which is situated between the Atlantic Ocean on the East and the Intracoastal Waterway on the West. There is easy access to Northrup Grumman's Aircraft Integration of Excellence, Florida Department of Military Affairs, along with Flagler College, Flagler Hospital, Ponce de Leon Fountain of Youth Archeological Park, and the Castillo de San Marcos National Monument.
"Our hotel-exclusive platform allows us to provide financing for quality assets with seasoned sponsorship in appropriate locations," said J. Dana Tsakanikas, chief investment officer, Access Point Financial. "The Hampton Inn St. Augustine aligns with APF's and Innisfree's portfolios, and Innisfree is a sponsor with whom we have financed or invested in eight transactions over the past eight years, which allowed us to move quickly and with certainty on this transaction."