APF, an Atlanta-based direct hospitality lender that provides bridge, PIP, capex, construction, mezzanine and preferred equity, wrote separate, cross-collateralized loans on the properties, which include the 96-unit Residence Inn by Marriott Charleston North/Ashley Phosphate, the 135-unit Hampton by Hilton West Des Moines Lake Drive, the 122-unit Hampton by Hilton Appleton, and the 119-unit Hampton by Hilton Milwaukee/Brookfield.
Berkadia brokered the refinancing package, which closed on March 9, 2022. WRLP plans to use the proceeds for planned renovations on the hotels and funding reserves, as well as paying off an undisclosed amount of debt and covering closing costs.
“We are pleased that we could meet the financial needs of Walker Reynolds, in order to provide the funds needed to keep these strategically located properties up-to-date, competitive and financially well positioned,” said Matt Hick, the loan originator for APF. “As the travel and hotel markets continue to rebound, we are honored to have the ability to contribute to its ongoing growth and success.”
The refinancing package included a $11.98MM loan on the North Charleston Residence Inn, which is located in the northern portion of the Charleston Airport submarket. The area boasts some of the Greater Charleston’s largest businesses and entities, including the Charleston International Airport; the Joint Base Charleston, North Charleston Convention Center, Performing Arts Center and Coliseum and Trident Health System, as well as Boeing, Daimler, and Volvo assembly plants.
The Hilton West Des Moines, which received a $11.01MM loan, is located in the eastern portion of the Des Moines Airport/West lodging market, which consists of some of the region’s largest businesses, including American Equity Investment Life Insurance, Athene, Farm Bureau Financial Services, Hy-Vee, Sammons Financial, and Wells Fargo’s Credit Card Retail, Home Equity, and Home Mortgage business units.
The package also included a $13.48MM loan on the Hampton by Hilton in Appleton. The hotel is located in the central portion of the Appleton/Oshkosh lodging market, which is home to some of Northern Wisconsin’s largest businesses and is further supported by prominent academic and healthcare institutions, including Lawrence University, National Liberal Arts College, and a variety of tourist attractions and special events.
The final portion of the package was a $9.28MM loan on the Hampton by Hilton Milwaukee/Brookfield, located in the northeastern portion of the Milwaukee West & South lodging market, which includes Milwaukee Electric Tool headquarters and numerous Fortune 500 Corporations, such as Fiserv, Generac Holdings, Quad/Graphics and REV Group, as well as various medical related employers, such as Froedtert Hospital and the Medical College of Wisconsin, GE Healthcare and ProHealth Care.
For more information on Access Point Financial’s comprehensive portfolio of hospitality-focused financial services, Please visit www.accesspointfinancial.com.
Founded in 2011, Atlanta-based Access Point Financial, LLC (APF) is a direct hospitality lender that provides financing to qualified hoteliers throughout the United States. APF's loan programs are flexible and are typically used for refinance, acquisition, construction take-out, renovations or brand-mandated PIPs, and value-add transactions, such as asset repositioning, hotel conversions and ground up construction. APF's programs are designed specifically for the hospitality industry and offer a competitive alternative to traditional bank financing. APF understands the complexities of the industry and are uniquely positioned to customize its loan programs to meet the needs of its clients even during periods of volatility. For more information, please visit www.accesspointfinancial.com.
For more information about Access Point Financial, LLC, visit accesspointfinancial.com