newport hospitality groupWilliamsburg, Virginia-based hospitality management company receives $18.3 million in refinancing financing Residence Inn Blacksburg Universitya 126-key hotel located in Blacksburg, Virginia.
of marriott-A branded extended stay hotel is located across the street. Virginia Tech. Newport Hospitality Group he developed this hotel in 2017.
gray steel, Dallas capital markets firm with offices in Bethesda, Maryland After working with seven financial institutions to provide term sheets to create a competitive offer, we facilitated a five-year fixed rate loan through a local bank.
The loan carries an interest rate of 6.13% with a 25-year amortization.
“This property is perfectly located next to Virginia Tech and has outperformed each year since 2020.” Stephen Haas, a director of Greysteel, which guaranteed the loan, told Commercial Observer. “The new lender saw an opportunity to expand its relationships with borrowers and offered very attractive interest rates to win business.”
The original loan, which matures in early 2024 and was used to fund the construction of the hotel, had a balance of just under $17.9 million when it was paid off this month.
“The hospitality industry has rebounded rapidly in recent years and this asset has been able to demonstrate consistent year-over-year growth in performance to achieve this incremental loan structure,” Haas said. Stated. “The hospitality industry continues to be an attractive sector for lenders, as evidenced by the amount of interest we have received in this transaction.”
Keith Loria can be contacted at: Kloria@commercialobserver.com.
