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Smith Hill Capital And Bain Capital Provide $111M Loan For Hotel Portfolio

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FINANCED
$111,000,000

New Jersey

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Hotel
Financed 06/05/2024
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FINANCED

Smith Hill Capital And Bain Capital Provide $111M Loan For Hotel Portfolio

700 Commons Way, 45 Ivan Allen Jr Boulevard, 706 South Milton Road & 1345 Treat Boulevard

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Hotel
Financed 06/05/2024
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Summary

NEW JERSEY
Asset Type:Hotel
Transaction Type:Loan

The $111 million first mortgage loan was secured by a portfolio of four hotel properties, including the Marriott Bridgewater, W Atlanta Downtown, Embassy Suites Walnut Creek, and Embassy Suites Flagstaff. These properties are located at 700 Commons Way, 45 Ivan Allen Jr Boulevard, 706 South Milton Road, and 1345 Treat Boulevard, spread across Bridgewater, NJ; Atlanta, GA; Flagstaff, AZ; and Walnut Creek, CA, respectively.

Summary of transaction details:

Smith Hill Capital and Bain Capital orchestrated the $111 million loan for the four hotel properties. Brendan McCormick, Managing Principal of Smith Hill Capital, affirmed that the joint venture between the two capital firms successfully addressed the financing requirements of these thriving market properties, showcasing their expertise in the financial landscape.

Players

LENDER

Details

FINANCED
IMAGE: Brendan McCormick DATE: 06/05/2024 ADDRESS: 700 Commons Way, 45 Ivan Allen Jr Boulevard, 706 South Milton Road & 1345 Treat Boulevard MARKET: Bridgewater, NJ: Atlanta, GA; Flagstaff, AZ: Walnut Creek, CA ASSET TYPE: Hotel LENDER: Brendan McCormick - Smith Hill Capital ; Bain Capital BROEKR: JLL Hotels & Hospitality LOAN AMOUNT: $111,000,000 NOTE: Smith Hill Capital and Bain Capital Special Situations have finalized a $111-million first mortgage loan secured by a portfolio of four hotel properties, including the Marriott Bridgewater, W Atlanta Downtown, Embassy Suites Walnut Creek, and Embassy Suites Flagstaff. The joint venture between Smith Hill and Bain Capital, established in 2023 to address the financing requirements of hospitality entities in thriving markets nationwide, orchestrated the transaction, reflecting their adeptness in navigating today's financial landscape and aligning with the borrower's objectives, as affirmed by Brendan McCormick, Managing Principal of Smith Hill Capital.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$111,000,000.00

Monthly NOI$740,000.00
Monthly Debt Service$701,595.51
Change in Cash Flow$0.00
Refinance Proceeds$0.00