Värde Partners And Flynn Properties Refinance 20 California Hotels For $250M
Värde Partners And Flynn Properties Refinance 20 California Hotels For $250M
Summary
Värde Partners and Flynn Properties have reached a significant milestone in their effort to refinance a portfolio of 20 hotels in California. The deal, valued at $250 million, is part of a larger $794 million commercial mortgage-backed securities (CMBS) package that covers a total of 84 hotels. The loan, secured from Deutsche Bank and Morgan Stanley, carries an 8 percent interest rate. Despite the challenges faced by the hotel financing market, this refinancing agreement offers a positive signal for the CMBS market.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $250,000,000
- Lender: Deutsche Bank & Morgan Stanley
- Landlord: Värde Partners - Brad Bauer & Ilfryn Carstairs; Flynn Properties - Greg Flynn
- Market: California
This refinancing deal involves key individuals and companies, including Värde Partners, Flynn Properties, Deutsche Bank, and Morgan Stanley. Brad Bauer and Ilfryn Carstairs represent Värde Partners, while Greg Flynn represents Flynn Properties. The involvement of these industry players further solidifies the significance of this transaction in the CMBS market.
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