SAN FRANCISCO--(BUSINESS WIRE)--RealtyShares, a leading online marketplace for real estate investing, has deployed more than $10.1 million for a pair of commercial real estate transactions in Texas, collaborating with two different sponsors to provide fast and flexible financing for their projects.
Located just five miles from Dallas/Fort Worth International Airport, RealtyShares secured a $2.4 million equity investment for a 302-room, full-service Sheraton hotel in Irving, Texas. Supporting one of the busiest airports in the world, the property is just 15 miles from downtown Dallas and includes three restaurants, 23 banquet and meeting rooms, and one of the largest event spaces in the area.
The hospitality equity transaction was sponsored by The Buccini/Pollin Group, a real estate acquisition, development and management company with four offices across the U.S. and more than $1 billion under management. Along with its hotel management affiliate, PM Hotel Group, Buccini/Pollin has acquired and developed 40 hotel properties, and possesses experience managing all aspects of project acquisition, finance, development, construction, leasing, operations and dispositions. As the owner and operator of a Doubletree by Hilton property located in the same submarket as the Sheraton DFW Airport Hotel, Buccini/Pollin has market insight and an ability to leverage its current operations for the Sheraton property.
“BPG is excited to partner with RealtyShares on our acquisition of the Sheraton DFW,” said Brandon Flury, vice president at Buccini/Pollin. ”RealtyShares’ knowledge of and track record within the Dallas market provided an efficient and seamless capital raising execution for us. We appreciate and value the institutional-quality team of real estate professionals assembled, technological sophistication and infrastructure employed, and overall growth of the platform, and look forward to expanding our relationship together on future opportunities around the country.”
This was the second transaction sponsored by Buccini/Pollin on the RealtyShares platform, and the RealtyShares raise was completed particularly quickly.
“RealtyShares has been active in hospitality financing and continues to seek out quality real estate companies in that sector that operate in primary markets like Dallas,” said Akshay Verma, associate director at RealtyShares. “Buccini/Pollin has a strong reputation in the hotel industry, and we're excited to be developing a long-term relationship with such an experienced and trusted hospitality sponsor.”
Separately, RealtyShares recently also closed over $7.7 million in loans on a portfolio of seven multi-family properties, many of which are located in or around Texarkana, Texas. The debt capital, structured as individual bridge loans, was raised both from institutional partners and from individual investors on the RealtyShares platform.
“This collection of properties is a testament to our capacity to fund projects in markets both large and small,” said Nick Fletcher, director of commercial debt originations at RealtyShares. “Our platform provides the flexibility to fund deals even in relatively smaller towns where traditional lenders may be constrained. For the Texarkana portfolio, we were able to creatively structure our financing in a way that achieve the sponsor’s objectives.”
Texas is an intriguing region for RealtyShares, with major real estate markets like Dallas, Austin and Houston, along with a wealth of smaller market opportunities. Earlier this year, the company released data showing its growing footprint in the Lone Star State.
RealtyShares is bringing marketplace investing and lending to real estate and building an ecosystem around it. By infusing technology into the archaic real estate industry, the company connects investors with pre-vetted real estate operators across the country looking to raise capital. To date, RealtyShares has deployed more than $500 million over 1,000 investment opportunities on the platform, supporting residential and commercial projects in 39 states.
RealtyShares is transforming the real estate investment landscape by connecting borrowers and sponsors to debt and equity capital from accredited and institutional investors, across an array of financing products. Private investments are highly illiquid and risky, and are not suitable for all investors. Through the RealtyShares website, investors can browse opportunities, perform due diligence, invest online and gain 24/7 access to an investor dashboard to watch how their investments are performing. RealtyShares offers securities through North Capital Private Securities Corporation, member FINRA/SIPC. For more information on how to become a real estate investor or to seek capital through the RealtyShares marketplace, please visit www.realtyshares.com.