Commercial Real Estate Transactions 09-25-18 | Arizona Builder’s Exchange
Berkadia Secures $78M for Six Hotel Properties | Connect Commercial Real Estate
PEG Cos. Buys Multi-State Marriott Portfolio | Commercial Property Executive
PHOENIX – September 17, 2018 – Berkadia today announced the $78 million financing for six hotel properties in a portfolio of eight total hotel properties. Director Adrienne Kautzman of the Phoenix office secured the acquisition bridge loan through Ares Commercial Real Estate Corporation (NYSE:ACRE). The borrower was a partnership led by PEG Companies, and the deal closed on September 7.
“PEG’s investment thesis coupled with our deep lending relationships and knowledge of the hospitality space allowed us to facilitate flexible and competitive financing on these six hotels to provide various exit strategies for the PEG team,” said Kautzman.
The properties include Residence Inn by Marriott and Courtyard by Marriott hotels located in St. Petersburg, Florida; Sacramento, California; Santa Fe, New Mexico; Charlotte, North Carolina; Phoenix and St. Louis, for a total of 828 hotel rooms.