CHARLOTTE, North Carolina—Berkadia announced the refinancing of WoodSpring Suites Charlotte – University Research Park, a 122-key, extended-stay hotel in Charlotte, North Carolina. Managing Director Michael Weinberg and Associate Director Alec Fox of Berkadia Hotels & Hospitality secured $10 million in refinancing through KeyBank on behalf of the sponsor, Orlando-based Liberty Investment Properties.
Founded in 1990, Orlando-based Liberty Investment Properties is a privately held real estate investment, development, and management firm. The firm has developed over seven million square feet across 100+ developments, including more than 35 WoodSpring Suites-branded hotels, since 2007.
KeyBank provided a five-year, fixed-rate CMBS loan with a competitive interest rate and a full-term interest-only period. This transaction will represent the start of Liberty Investment Property’s new long-term, perpetual income fund, which will focus on income-producing extended-stay hotel assets.
“In a challenging debt market, the teams at Berkadia and KeyBank were able to deliver significant value with this stable asset class that produces consistent returns,” said Adam Mikkelson, CEO of Liberty Investment Properties.
“This asset benefits from a number of demand drivers including proximity to UNC Charlotte and the Wells Fargo campus and has dominated its competitive set over the past 12 months,” said Fox.
LWoodSpring Suites Charlotte – University Research Park has 122 rooms with a full kitchen, queen-size or king-size beds, a flat-screen TV, housekeeping services, pet-friendly room options, WiFi, and more. The property is located off I-85, 10 minutes from the University of North Carolina Charlotte and Atrium Health University City, 15 minutes from the Uptown business and entertainment district, and near several offices and research parks.
