National brokerage secures CMBS loan for Marriott-branded property
Mission Capital Advisors today announced that its Debt & Equity Finance team arranged $12.9million in non-recourse,permanent financing for the Courtyard by Marriott, a 110-key, limited service hotel located in Clemson, South Carolina. The Mission Capital team of Philip Justiss, Steven Buchwald and Justin Hunt represented property owner Midas Hospitality in securing the CMBS loan from JPMorgan Chase& Co.
Founded in 2006, Midas Hospitality has developed, opened and currently manages numerous properties including 27 hotels in 11 states. The company serves global brands including Hilton, IHG, Marriott, and Starwood. Midas Hospitality’s headquarters are located at 1804 Borman Circle Dr. in St. Louis, Mo.
“When Midas purchased the property earlier this year, there was much uncertainty in the secondary market, so they financed it with an acquisition loan from a local bank,” said Justiss. “They turned to Mission Capital to tap into our extensive hospitality expertise to secure more attractive terms commensurate with the quality of the property.”
Built in 2009, the six-story Courtyard Clemson is proximate to Clemson University, which boasts 22,000 students, 5,000 employees and a top-tier athletic program. With a range of on-site and in-room amenities, the hotel generates consistent demand from business travelers and Clemson University fans who come to Clemson to attend sporting or other university events.
“Though located in a tertiary market, the Courtyardis the only hotel of its class in the area.The sponsor’s track record and investment in the property point to the asset’s continued financial success,” said Buchwald. “One of the complexities of this deal was the new risk retention rules set to go into effect this month, and we actually received a very wide range of bids from potential lenders. We ultimately closed on a very attractive deal with JPMorgan Chase, a lender that is always a pleasure to work with.”
Midas will be commencing a six-year, $1-million property improvement plan in early 2017. The enhancements will include renovations to the lobby, guestrooms and fitness center, and upgrades to in-room entertainment systems.
Mission Capital Advisors is extremely active in arranging financing for hotel, office, industrial, multifamily, retail, and self-storage properties across the country. In recent months, the firm has arranged loans for hotel properties in California, New York, South Carolina and Texas.
About Mission Capital Advisors
Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York City, Florida, Texas, California, and Raleigh, North Carolina. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across debt, mezzanine, and JV equity placement; commercial and residential loan sales; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $65 billion of financing and loan sale transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visitwww.missioncap.com.
