Hilton Garden Inn

Location: Bozeman, Montana

Size: $11,500,000

Challenge: Quick Close

Type: Permanent Loan

We were hired by a group of Montana high net worth investors to refinance their maturing CMBS loan, even though they were contemplating a recourse loan with a local bank.  The Hilton Garden was in need of a renovation and experiencing declining RevPAR penetration. The sponsor wanted to reserve for a substantial PIP, without having an actual PIP in hand from the franchisor.  Despite the franchise expiring before the new loan’s maturity, we ran a highly competitive process that resulted in a 4.18% fixed rate for 10 years with a 60% LTV and 12% debt yield.  We also obtained 12 months of interest only, a 1%, 2%, 3%, 4% FF&E structure and very liberal cash management.  Due to delays in the sponsor’s decision-making, we closed the loan in under a month and on the final day of the existing maturity.

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