Stonehill, a commercial real estate direct lender, originated a $79.8 million, three-year, floating-rate bridge loan for New York-based Churchwick Partners to support the recapitalization and acquisition of a 12-property extended-stay hotel portfolio consisting of 1,432 rooms.
“Our sponsors benefit from experienced real estate lenders able to originate and close complex transactions,” Nick Baer, Stonehill’s VP of business development said in a statement. “With funding options from traditional lenders limited for hotels and other commercial real estate properties, we are pleased to provide Churchwick Partners with the lending solution, financial capacity and hospitality expertise to close this transaction in a challenging capital market environment.”
The portfolio consists of:
- 158-room Sonesta ES Suites Cleveland Airport in Middleburg Heights, Ohio
- 144-room Sonesta ES Suites Chicago-Lombard in Lombard, Ill.
- 128-room Sonesta ES Suites in Birmingham, Ala.
- 128-room Suburban Extended Stay Hotel Westminster Denver North in Westminster, Colo.
- 124-room Candlewood Suites Syracuse Airport in Syracuse, N.Y.
- 120-room Sonesta ES Suites St. Paul Airport in Egan, Minn.
- 121-room Simply Suites Detroit Southfield in Warren, Mich.
- 106-room Sonesta ES Suites Dublin-Columbus in Columbus, Ohio
- 106-room Sonesta ES Suites in St. Louis
- 105-room Sonesta ES Suites in Memphis, Tenn.
- 98-room Simply Suites in Knoxville, Tenn.
- 94-room Sonesta ES Suites in Montgomery, Ala.