Denver, Colorado; San Diego, California — HREC Capital Markets Group, the dedicated capital markets team within HREC Investment Advisors, recently announced that it arranged a $13 million bridge financing of the 90-key Peregrine Omaha Downtown, Curio Collection by Hilton hotel in Omaha, Nebraska.
The negotiations were led by Greg Porter, senior vice president – Capital Markets, and Mike Armstrong, principal and head of Capital Markets, both in HREC’s San Diego office.
“After an extensive marketing effort, we secured construction loan take-out financing in the face of challenging market conditions and a complex capital structure which included historic tax credits, TIF, and PACE financing,” Porter explained. “The loan was placed with the lending arm of institutional asset manager Arena Investors and features a two-year term with an interest reserve for the stabilization period. The hotel is an adaptive reuse of the historic seven-story Saunders Kennedy Building adjacent to the Woodmen Life Tower, and will open in the Spring of 2021.”
Armstrong added, “Our Capital Markets and Mortgage Brokerage team leverages HREC’s comprehensive network of national, regional, and local hotel lenders to provide a thorough loan process to ensure the most competitive terms and successful execution for our borrower clients.”
The property is located in Omaha’s Central Business District between the headquarters for Woodmen of the World Insurance, Union Pacific Railroad, First National Bank of Omaha, the U.S. District Court, Douglas County Court, and the Omaha City Hall. Additional demand generators located within two miles of the property include CHI Health Center Omaha arena and convention center, Creighton University, TD Ameritrade Park Omaha, Kiewit University, and Mutual of Omaha Bank.