Urban Street Development Secures $38.5 Million Loan From Synovus Bank For Hotel Project In Tallahassee

The property asset involved in this transaction is a hotel located at 826 West Gaines Street, Tallahassee, featuring 237 keys and encompassing a total square footage of 165,414. The loan secured for this asset amounts to $38,500,000, which will be utilized as a permanent and refinance loan. The terms of the loan include a five-year duration to refinance Phase 1, which consists of 143 keys, in addition to financing the construction of Phase II, comprising 94 keys alongside 5,500 square feet of retail space.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $38,500,000
• Loan Type: Permanent and refinance
• Loan Terms: Five-year loan
• Address: 826 West Gaines Street
• Market: Tallahassee
• Asset Keys: 237
• Square Footage: 165,414
• Lender: Synovus Bank
• Landlord: Urban Street Development
• Brokers: Brad Williamson, Mitch Sinberg, Matthew Robbins, Scott Wadler, Kyle Ryan, and Harry M. Mancera - Berkadia

The key individuals involved in this transaction include the lenders from Synovus Bank and the landlord, Urban Street Development. The brokers representing the deal are Brad Williamson, Mitch Sinberg, Matthew Robbins, Scott Wadler, Kyle Ryan, and Harry M. Mancera from Berkadia, all playing a pivotal role in facilitating this loan agreement for the development and refinancing of the hotel property.