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Driftwood Capital Provides $30M Mezzanine Loan For Sheraton Dallas Hotel Refinance

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FINANCED
$30,000,000

Texas

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Hotel
Financed 05/17/2024
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FINANCED

Driftwood Capital Provides $30M Mezzanine Loan For Sheraton Dallas Hotel Refinance

400 Olive Street

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Hotel
Financed 05/17/2024
the dealplayerscompscontact
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Summary

TEXAS
Asset Type:Hotel
Transaction Type:Loan

The Sheraton Dallas Hotel, located at 400 Olive Street in Dallas, is a 1,841-room hotel that recently underwent renovations. Built in 1959, the hotel features extensive meeting and event space, five onsite restaurants, and standard hospitality amenities.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $30,000,000
  • Address: 400 Olive Street
  • Market: Dallas
  • Asset Type: Hotel
  • Keys: 1,841

Miami-based lender Driftwood Capital, represented by Carlos Rodriguez Sr., provided a $30 million mezzanine loan for the refinancing of the Sheraton Dallas Hotel. The loan type for the transaction was a refinance. Driftwood Capital is known for its role in financing hotel properties, contributing to the successful refinancing of this iconic Dallas hotel.

Players

Driftwood Capital
Driftwood Capital
LENDER

Details

FINANCED
IMAGE: Carlos Rodriguez Sr. DATE: 05/17/2024 ADDRESS: 400 Olive Street - Sheraton Dallas Hotel MARKET: Dallas ASSET TYPE: Hotel ~ KEYS: 1,841 LENDER: Carlos Rodriguez Sr - Driftwood Capital (@DriftwoodCapital) LOAN AMOUNT: $30,000,000 LOAN TYPE: Refinance NOTE: Miami-based lender Driftwood Capital has provided a $30 million mezzanine loan for the refinancing of the 1,841-room Sheraton Dallas Hotel, located at 400 Olive St. The recently renovated hotel, built in 1959, offers extensive meeting and event space, five onsite restaurants, and standard hospitality amenities.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$30,000,000.00

Monthly NOI$200,000.00
Monthly Debt Service$189,620.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00