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Brendan McCormick Of Smith Hill Capital Lends $72M For Hotel Viking Refinance

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FINANCED
$72,000,000

Rhode Island

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Hotel
Financed 07/10/2024
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FINANCED

Brendan McCormick Of Smith Hill Capital Lends $72M For Hotel Viking Refinance

1 Bellevue Avenue

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Hotel
Financed 07/10/2024
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Summary

RHODE ISLAND
Asset Type:Hotel
Transaction Type:Loan

The Hotel Viking, a 208-room hotel located at 1 Bellevue Avenue in Newport, RI, has been refinanced with a $72 million first mortgage loan from Smith Hill Capital and Bain Capital Special Situations. The property, situated in Newport's Historic Hill neighborhood, offers extensive amenities and event spaces.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $72,000,000
  • Lender: Brendan McCormick - Smith Hill Capital
  • Landlord: Eric Resnick - KSL Capital Partners
  • Address: 1 Bellevue Avenue
  • Market: Newport, RI
  • Loan Type: Refinance

Brendan McCormick of Smith Hill Capital and Eric Resnick of KSL Capital Partners were the key individuals involved in the refinancing deal for the Hotel Viking. Smith Hill Capital and Bain Capital Special Situations collaborated to provide the substantial loan amount, ensuring the successful refinance of the historic hotel.

Players

LENDER

Details

FINANCED
IMAGE: Eric Resnick & Brendan McCormick DATE: 07/10/2024 ADDRESS: 1 Bellevue Avenue MARKET: Newport, RI ASSET TYPE: Hotel LENDER: Brendan McCormick - Smith Hill Capital LANDLORD: Eric Resnick - KSL Capital Partners LOAN AMOUNT: $72,000,000 LOAN TYPE: Refinance NOTE: Smith Hill Capital and Bain Capital Special Situations provided a $72 million first mortgage loan to KSL Capital Partners to refinance the 208-room Hotel Viking in Newport, RI. The historic hotel, located in Newport's Historic Hill neighborhood, features extensive amenities and event spaces.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$72,000,000.00

Monthly NOI$480,000.00
Monthly Debt Service$455,088.98
Change in Cash Flow$0.00
Refinance Proceeds$0.00