Updated May 21, 2025
Driftwood Capital Provides $18.5M Loan To Refinance Northeast Select Service Hotel Portfolio
700 Huse Road, 1000 Perimeter Road, 975 Perimeter Road, 100 Portsmouth Boulevard & 4 Forge Parkway
$18,500,000
Building Size
—
Asset Type
Hotel
Closing
May 2, 2025
About this deal
AI
The transaction involves a five-property hotel portfolio located at 700 Huse Road, 1000 Perimeter Road, 975 Perimeter Road, 100 Portsmouth Boulevard, and 4 Forge Parkway in Manchester & Portsmouth, NH; Franklin, MA. The refinance was facilitated by Driftwood Capital, which provided a loan amount of $18,500,000 for the Northeast Select Service Portfolio, comprising a total of 594 keys.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $18,500,000
- Lender: Driftwood Capital
- Landlord: Frank Bruno - Cerberus Capital Management
- Landlord: Arash Azarbarzin - Highgate
- Loan Type: Refinance
- Market: Manchester & Portsmouth, NH; Franklin, MA
- NOTE: Driftwood Capital's lending fund, Driftwood Lending Partners, provided $18.5M in mezzanine loans to refinance the Northeast Select Service Portfolio.
The key individuals involved in this transaction are Frank Bruno, representing Cerberus Capital Management, and Arash Azarbarzin, representing Highgate. Their roles as landlords were crucial in facilitating the refinancing of the hotel portfolio.
On the Map
$18,500,000
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93