ATLANTE – Financial Access Point, LLC(APF), a leading direct lender focused exclusively on the hospitality industry, today announced that the company has issued $45.75 million in floating rate debt to refinance four hotels owned by Walker Reynolds Lodging Partners (WRLP), a Colorado-based private real estate company. investment firm. The hotels are all managed by Aileron Management, WRLP’s exclusive management company, and include a Residence Inn by Marriott in South Carolina and three Hampton by Hilton hotels located in Iowa and Wisconsin.
APF, an Atlanta-based direct hotel lender that provides bridging, PIP, capex, construction, mezzanine and preferred equity loans, has underwritten separate and cross-secured loans on the properties, which include Residence Inn by Marriott Charleston North/Ashley Phosphate 96 units, the 135 unit Hampton by Hilton West Des Moines Lake Drive, the 122 unit Hampton by Hilton Appleton and the 119 unit Hampton by Hilton Milwaukee/Brookfield.
Berkadia negotiated the refinancing package, which closed on March 9, 2022. WRLP plans to use the proceeds for planned hotel renovations and financing reserves, as well as repay an undisclosed amount of debt and cover expenses Closing.
“We are delighted to have been able to meet the financial needs of Walker Reynolds, to provide the funds necessary to keep these strategically located properties current, competitive and well positioned financially,” said Matt Hick, the loan originator for the APF. “As the travel and hospitality markets continue to rebound, we are honored to be able to contribute to its continued growth and success.”
The refinancing program included an $11.98 million loan on the North Charleston Residence Inn, located in the northern portion of the Charleston Airport submarket. The area is home to some of Greater Charleston’s largest businesses and entities, including Charleston International Airport; the Joint Base Charleston, the North Charleston Convention Center, the Performing Arts Center and the Coliseum and Trident Health System, as well as the assembly plants of Boeing, Daimler and Volvo.
The Hilton West Des Moines, which received an $11.01 million loan, is located in the eastern part of the Des Moines/West airport lodging market, which includes some of the largest businesses in the area. region, including American Equity Investment Life Insurance, Athene, Farm Bureau Financial Services, Hy-Vee, Sammons Financial and Wells Fargo’s Credit Card Retail, Home Equity and Home Mortgage business units.
The package also included a $13.48 million loan on the Hampton by Hilton in Appleton. The hotel is located in the central part of the Appleton/Oshkosh lodging market, which is home to some of Northern Wisconsin’s largest businesses and is further supported by prominent academic and healthcare institutions, including the Lawrence University, the National Liberal Arts College and a variety of tourist attractions and special events.
The final part of the package was a $9.28 million loan on the Hampton by Hilton Milwaukee/Brookfield, located in the northeast portion of the Milwaukee West & South lodging market, which includes the Milwaukee headquarters. Electric Tool and many Fortune 500 companies, such as Fiserv, Generac Holdings, Quad/Graphics, and REV Group, as well as various medical-related employers, such as Froedtert Hospital and Medical College of Wisconsin, GE Healthcare, and ProHealth Care .
For more information on Access Point Financial’s comprehensive hospitality-focused financial services portfolio, please visit www.accesspointfinancial.com.
About Access Point Financial
Founded in 2011, Atlanta-based Access Point Financial, LLC (APF) is a direct hotel lender that provides bridge, PIP, capex, construction and mezzanine/preferred equity financing to qualified hoteliers across the United States and the United States. Canada. APF loan programs are flexible and are typically used for refinancing, take-out construction, renovations or brand-mandated PIPs, and value-added transactions, such as asset repositioning, hotel conversions and building from scratch. APF programs are designed specifically for the hospitality industry and offer an alternative to traditional bank financing. APF understands the complexities of the industry and is uniquely positioned to customize its loan programs to meet the needs of its clients, even in times of volatility.
Managing Director and Head of Business Development
Financial Access Point, LLC