Varde Partners Lends $29M on Hotel Refi in Aurora, Colo.
BMC Investments has landed a $29 million debt package to refinance a new Colorado extended-stay hotel surrounded by medical facilities, Commercial Observer has learned.
Varde Partners provided the loan for Hyatt House, a 140-key hotel located within the Fitzsimons Medical Campus in Aurora, Colo., that opened in April. Newmark arranged the transaction with a debt and structured team led by Dustin Stolly and Jordan Roeschlaub alongside Nick Scribani, Christopher Kramer and Ben Kroll.
“This refinancing was a key milestone in the business plan for this asset and gives us the right capital stack to now focus on operations, BMC Chief Investment Office Jeff Stonger said in a statement.
Hyatt Place is located at 13200 East 14th Place in the heart of Fitzsimons’ campus, which has experienced wide-scale growth in recent years. It encompasses University of Colorado Hospital, the Fitzsimons Army Medical Center and Children’s Hospital Colorado.
“The appetite from the lender community on this opportunity was tremendous and speaks to the demand for best-in-class product with best-in-class sponsors,” Stolly said in a statement. “By leveraging this demand, not only were we able to achieve a great execution for all parties involved, but we also were able to help establish a new relationship between BMC and Varde.”
Varde Partners did not immediately respond to a request for comment.
Andrew Coen can be reached at firstname.lastname@example.org.