Meridian Capital Group, America’s most active dealmaker, arranged $48 million in financing to refinance five hotels in Florida and Georgia and to purchase a sixth property in Connecticut.
The 10-year CMBS loan features a rate of 3.91% and one year of interest-only payments followed by a 30-year amortization schedule. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is based in the company’s Boca Raton, FL office.
The six-property portfolio totals 708 keys including a 120-key Candlewood Suites in Fort Myers, FL; a 112-key Comfort Inn in Orlando, FL; a Holiday Inn totaling 128 keys in Melbourne, FL; a 148-key Wyndham Garden Terrace in Tallahassee, FL; a Holiday Inn consisting of 100 keys in Savannah, GA; and a Residence Inn by Marriott totaling 100 keys in Avon, CT. The hotels feature amenities such as heated outdoor pools, fitness centers, laundry facilities, meeting space, and business centers and are advantageously located within their submarkets near various area attractions and major thoroughfares.
“Our client was thrilled with the execution of this deal,” said Mr. Kaminetzky. “This closing is part of a much broader strategic initiative for the client in the creation of a real estate fund and this was the first of several future transactions. The lender provided a seamless and flexible path for the borrower to transfer assets and ownership post-closing within the fund.”