Berkadia has secured $24 million in financing for the Holiday Inn & Suites Atlanta Airport North. Director Adrienne Kautzman and Analyst Larissa Gooden of Berkadia’s Hotels and Hospitality team worked with Tremont Mortgage Trust to secure the bridge financing for borrower Brandt Hospitality Group. The deal closed on December 21.
The floating rate loan includes initial funding of $21.9 million and a future funding allowance of $2.1 million to complete a property improvement plan. The loan is structured with a three-year initial term and two one-year borrower extension options.
“We were thrilled to work with Tremont and Brandt Hospitality Group on this project,” said Kautzman. “It was a solid execution by Tremont, which allows Brandt Hospitality Group flexibility on their renovation with funds committed but not funded resulting in no negative arb, at an attractive leverage point and pricing. With the Atlanta airport going through a significant expansion and a strategic renovation in the pipeline, this property will continue to deliver value for our client and for the millions who travel through Atlanta International every year.”
“We expect clients will continue to refine their portfolios into 2019, with a mixture of acquisitions, dispositions, and refinances, both with and without PIPs, to position themselves for what is expected to be slower growth in the coming years,” continued Kautzman.
The Holiday Inn & Suites Atlanta Airport North is a 330-key, four-story hotel located within three miles of Hartsfield-Jackson International Airport and close to downtown Atlanta.