A three way partnership between Taconic Capital Advisors, Triangle Capital Group and Pyramid Lodge Group has landed a $59.9 million floating mortgage for 2 lodges situated in Denver, Business Observer has discovered. Prime Finance offered the floating-rate mortgage.
“Our aim in each transaction is to offer our purchasers with artistic options,” mentioned Paul Oliveri, managing director of Prime Finance. “As a lender, we just like the strategic location of the portfolio, high-quality sponsorship with severe roots within the submarket and sit up for seeing them execute on their marketing strategy.”
Walker & Dunlop‘s Adam Schwartz, Jon Schwartz, Keith Kurland, Michael Diaz and Michael Ianno brokered the deal.
“We have been thrilled to shut this transaction for a top-tier sponsorship staff in Taconic, Triangle and Pyramid,” mentioned Schwartz. “We sit up for watching them execute their marketing strategy and thank Prime Finance for one more clean and profitable closing,”, a senior managing director and co-head of NY capital markets at W&D.
The 2 property, DoubleTree Denver Lodge and DoubleTree Denver Central Park, situated at 3203 Quebec Avenue and 4040 Quebec Avenue, respectively, are inside a 1-mile radius of one another. DoubleTree Denver is situated proper throughout from United Airways‘ just lately upgraded pilot coaching facility.
The sponsors plan to implement varied capital enhancements whereas instituting a lodge supervisor from Pyramid Inns Group to handle every asset.
Taconic Capital Advisors, Triangle Capital Group and Pyramid Lodge Group didn’t instantly reply to requests for remark.
Emily Fu could be reached at efu@commercialobserver.com.