CHARLOTTE, North Carolina—Berkadia introduced the refinancing of WoodSpring Suites Charlotte – College Analysis Park, a 122-key, extended-stay lodge in Charlotte, North Carolina. Managing Director Michael Weinberg and Affiliate Director Alec Fox of Berkadia Motels & Hospitality secured $10 million in refinancing by KeyBank on behalf of the sponsor, Orlando-based Liberty Funding Properties.
Based in 1990, Orlando-based Liberty Funding Properties is a privately held actual property funding, growth, and administration agency. The agency has developed over seven million sq. toes throughout 100+ developments, together with greater than 35 WoodSpring Suites-branded motels, since 2007.
KeyBank supplied a five-year, fixed-rate CMBS mortgage with a aggressive rate of interest and a full-term interest-only interval. This transaction will signify the beginning of Liberty Funding Property’s new long-term, perpetual earnings fund, which is able to concentrate on income-producing extended-stay lodge belongings.
“In a difficult debt market, the groups at Berkadia and KeyBank had been in a position to ship vital worth with this steady asset class that produces constant returns,” mentioned Adam Mikkelson, CEO of Liberty Funding Properties.
“This asset advantages from quite a lot of demand drivers together with proximity to UNC Charlotte and the Wells Fargo campus and has dominated its aggressive set over the previous 12 months,” mentioned Fox.
LWoodSpring Suites Charlotte – College Analysis Park has 122 rooms with a full kitchen, queen-size or king-size beds, a flat-screen TV, housekeeping companies, pet-friendly room choices, WiFi, and extra. The property is situated off I-85, 10 minutes from the College of North Carolina Charlotte and Atrium Well being College Metropolis, quarter-hour from the Uptown enterprise and leisure district, and close to a number of places of work and analysis parks.
