JLL Arranges $167.7 Million Refinance For Whitman Peterson And Concord Hospitality Hotel Portfolio

A loan of $167,700,000 was arranged for the refinancing of a 15-property WoodSpring Suites extended-stay portfolio located across Michigan, Tennessee, North Carolina, and Florida which includes a total of 1,829 keys in newly built, fee-simple, non-union properties.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $167,700,000
• Loan Type: Refinance
• Loan Terms: five-year, floating-rate
• Lender: CIM Group
• Landlord: Bob Whitman, Wes Whitman & Joel Peterson - Whitman Peterson; Mark Laport - Concord Hospitality
• Lender's Representative: Seyfarth Shaw LLP
• Landlord's Representatives: Kevin Davis, Jillian Mariutti, Harry Keeshan & Malia Buljat - JLL

JLL facilitated the refinancing arrangement for the portfolio, which comprised properties located in several key markets, including Jacksonville, Charlotte, Raleigh-Durham, Detroit, Grand Rapids, Knoxville, and Nashville. The financing comprises $117.7 million in initial funding along with an additional $50 million allocated for earn-outs or expansion purposes.