CHARLOTTE, North Carolina—Berkadia introduced the refinancing of WoodSpring Suites Charlotte – College Analysis Park, a 122-key, extended-stay resort in Charlotte, North Carolina. Managing Director Michael Weinberg and Affiliate Director Alec Fox of Berkadia Resorts & Hospitality secured $10 million in refinancing via 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, improvement, and administration agency. The agency has developed over seven million sq. toes throughout 100+ developments, together with greater than 35 WoodSpring Suites-branded accommodations, since 2007.
KeyBank offered 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 give attention to income-producing extended-stay resort belongings.
“In a difficult debt market, the groups at Berkadia and KeyBank had been capable of 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 few 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 providers, 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.