NASHVILLE—Access Point Financial Inc., (APF) a direct full-service lending and advisory firm focused on the hospitality industry, announced it has provided first mortgage financing for a $37.5 million, 245-room dual-branded Marriott project located in the Midtown-West End district of Nashville, Tenn.
The eight-story, mixed-use project is being developed by ACE Hospitality, a developer/owner with a successful history as a hotelier in Nashville. The hotel complex will comprise a 145-room Residence Inn and a 100-room SpringHill Suites by Marriott. The property, currently set to break ground by the end of the month, is expected to open in 2014. The hotel will be managed by Marriott International.
The hotel is being built on the site of the former Days Inn Vanderbilt, around the corner from Music Row and Vanderbilt University. The hotel also will be convenient to the 1.2 million-square-foot Music City Convention Center scheduled to open midyear and the adjacent Country Music Hall of Fame expansion at the same site.
“This is a well-conceived project, in a great location, further enhanced by longstanding relationships with both Marriott and the developer,” said Jon S. Wright president and CEO of Access Point Financial. “While our sweet spot continues to be financing the long-delayed CapEx projects as well as providing bridge financing for low leveraged refinance or acquisitions, we lend to quality projects such as this. The borrower’s proven 20-year track record, combined with the city’s robust growth outlook and strong brand affiliations, made this a perfect fit for our lending platform.”