Goldman Provides $25M CMBS Refi for Denver Moxy Hotel

reprints


Goldman Sachs has provided a $25 million CMBS loan to BMC Investments to refinance the Moxy Denver Cherry Creek hotel in Denver, Colo., Commercial Observer has learned.

SEE ALSO: Apollo Subsidiary Lends $81M to Refi Luxe Denver Multifamily Property

NKF Capital MarketsDustin Stolly, Jordan Roeschlaub, Nick Scribani and Stephen Feinberg negotiated the 10-year financing, which retires construction debt on the property.

The eight-story, 170-room European-style boutique hotel—part of Marriott International’s select-service lifestyle brand—opened in November 2017 and is the first new-build Moxy to open in the U.S.

Located in the heart of Denver’s Cherry Creek neighborhood—in close proximity to Cherry Creek Shopping Center— its amenities include a fitness center, 3,000 square feet of indoor and outdoor event/meeting space, and a beer garden.

“The Moxy Denver Cherry Creek has filled a void for the value-oriented guest in Cherry Creek by providing a new, modern lodging option with excellent communal amenities such as the Cherry Creek Beer Garden,” Stolly said in prepared remarks.

Of the refinance, Roeschalub said: “The Moxy’s strong operating momentum since opening last November enabled retiring the construction loan with permanent financing prior to achieving stabilization. The loan provides a 10-year term, 10-year interest-only structure at a very attractive fixed rate [5.06 percent].”

Denver-based BMC Investments’ portfolio includes 350 hotel keys, 7,000 multifamily investments, 200,000 square feet of commercial space across Colorado.  The company has invested more than $500 million in projects such as the 154-key Halycon boutique hotel at 245 Columbine Street and the recently completed St. Paul Collection mixed-use development, which includes 165 apartments and 55,000 square feet of retail space.

BMC Co-Founder and CEO Matthew Joblon and Principal Brian Cason represented the company in the deal.

“We are very pleased with Newmark’s execution and their ability to navigate the complexities of this transaction,” Carson said. “The financing directly aligns with our long term ownership view for the Moxy.”

A spokesman for Goldman Sachs did not immediately respond to a request for comment.