Ambrish Baisiwala Of Portman Secures $540 Million Loan For Cincinnati Downtown Marriott Development

The asset involved in this transaction is a development site for the Cincinnati Downtown Marriott, located in Cincinnati, OH. The project consists of a 700-room hotel designed to be convention-oriented, featuring 60,000 square feet of meeting space, a 17,000-square-foot event terrace, and ground-floor retail. The financing for the project totals $540 million.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $540,000,000
• Address: Cincinnati Downtown Marriott
• Market: Cincinnati, OH
• Lender: Bank OZK, Huntington National Bank
• Landlord: Ambrish Baisiwala - Portman
• Public support: Approximately $249 million
• Groundbreaking scheduled for: July 21

The key individuals involved in this transaction include Ambrish Baisiwala, representing Portman, which is a public-private partner in this financing deal. The financing package includes senior debt from Bank OZK and bridge financing from Huntington National Bank.