Bloomfield Capital is pleased to announce the closing of a $4.7 million senior bridge loan on an 82 key limited-service hotel located in Austin, TX. The proceeds were used to acquire the asset and to provide the capital required for a property improvement plan at the property.
The Sponsor, an experienced hospitality owner and operator, purchased the asset from a long-time owner that was transitioning out of the market.
“We remain very active in the hospitality sector and are bullish on limited-service hotels going forward”, stated Renee Lewis, a partner at Bloomfield Capital. “As the Austin MSA continues to grow, affordable hotel properties have remained well occupied and continue to see RevPAR growth on an annual basis”, Lewis added. The Sponsor plans to refinance Bloomfield’s bridge loan with conventional financing in the next 12-18 months.
For more news and information, or to contact us, please visit www.bloomfieldcapital.com.
Bloomfield Capital Contact:
Brent Truscott
Partner
877-690-7111
btruscott@bloomfieldcapital.com
www.bloomfieldcapital.com
