MIAMI--(BUSINESS WIRE)--3650 REIT (“3650”), a balance-sheet lender focused on creating long-term relationships by originating, servicing and asset managing long- and short-term fixed-rate commercial real estate loans through maturity, has funded three 10-year, first mortgage loans totaling over $130 million to refinance properties occupied by major hospitality brands. These loans include: $90 million to sponsors Sam and Daniel Moon for the Renaissance Dallas at Plano Legacy West located at 6007 Legacy Drive in Plano, Texas; $20.5 million to sponsor David J. Kenny for the Courtyard by Marriott Lake George located at 365 Canada Street in Lake George, New York; and $20 million to sponsor Naman Hotels for the Hilton Garden Inn Charlotte Waverly located at 7415 Waverly Walk Avenue in Charlotte, North Carolina.
“Our three recent hospitality loans will ensure enhanced and prolonged value for these strong, flagship institutions, whose hotels are well-positioned to serve prime business and leisure markets across the United States,” said 3650 REIT Co-Founder and Managing Partner Toby Cobb. “These loans reflect the substantial progress we have made throughout 2019; not only have we facilitated a healthy pipeline of opportunities, but at the end of the 2nd quarter, our 2019 originations have already surpassed the $600 million milestone. By focusing on the perspective of high-quality sponsors, we have proven that our differentiated business model is aligned with the needs of the borrower community.”
The Renaissance Dallas at Plano was built in 2017, and is centrally located in the dynamic Legacy West development, which includes 600,000-plus square feet of upscale retail and office space as well as more than 1,000 residential units. The property was developed simultaneously with the rest of Legacy West and has seen significant demand, attracting high-end retail brands such as Coach, West Elm, Starbucks Reserve and Tesla, and office tenants including Toyota Motor North America, Liberty Mutual Insurance, J.P. Morgan Chase & Co. and NTT Data. The Renaissance Dallas at Plano Legacy West is the only full-service, premium hotel located in the southwest quadrant of the intersection of the Dallas North and Sam Rayburn communities. Sponsors Sam and Daniel Moon have extensive expertise developing and owning properties in the Dallas Metropolitan Statistical Area (MSA), and selected 3650 for its certainty of execution and differentiated value proposition.
Built in 2016, the six-story Courtyard by Marriott Lake George encompasses 63 rooms and 56 suites, and is located in the heart of Lake George, incorporating breathtaking views of the lake as well as close proximity to nightlife, restaurants, shopping, beaches and marinas. Sponsor David J. Kenny is a Lake George local and well-established hospitality owner, operating nearly 850 rooms and historically contributing to the area’s growth and development. A long-term franchise agreement with Marriott, along with Lake George’s desirability to tourists and access to a variety of recreational, leisure and water activities as well as the Adirondack Mountains ensure that the asset will entice guests seeking leisure and group travel optionality. The borrower recognized 3650’s appealing proceeds, competitive pricing and streamlined process, resulting in an appealing financing package to replace the existing mortgage and construction loan.
The eight-story, 141-room Hilton Garden Inn Charlotte Waverly opened in April 2018 and involves a long-term franchise agreement with Hilton. It is part of the Waverly mixed-use community, which also features office space, single-family homes, residential units, restaurants and retail establishments such as Whole Foods, Life Time Fitness, and Harris Teeter. The hotel’s modern rooms and proximity to parks, trails and wedding venues make it ideal for both tourists and business travelers. Sponsor Naman Hotels is an experienced and well-capitalized owner, operator and manager of 20 hotels and 2,200 rooms across the southeastern United States. Based on its three earlier experiences obtaining financing with 3650’s attentive customer service, structural creativity, competitive terms and swift execution, it selected the firm to replace the existing construction loan on this valuable asset.
About 3650 REIT
3650 (“Thirty-Six Fifty”) REIT is a balance-sheet lender focused on creating long-term relationships by originating, servicing and asset managing long- and short-term fixed-rate commercial real estate loans through maturity. 3650 REIT’s highly differentiated lending process, national scale and vertically integrated platform enable it to deliver tailored financing solutions, high-touch service and reliable, customer-focused outcomes. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played leading roles in the evolution of the CRE debt markets with track records of success across CRE lending, mortgage banking, capital markets, loan servicing and distressed credit management. Headquartered in Miami, Florida with offices in New York, Chicago, Dallas and Los Angeles, 3650 REIT is well positioned to lend on properties located throughout the country. For more information, visit: www.3650REIT.com.