Prime Finance Lends $60M on Denver DoubleTree Hotel Portfolio
A joint venture between Taconic Capital Advisors, Triangle Capital Group and Pyramid Hotel Group has landed a $59.9 million floating loan for two hotels located in Denver, Commercial Observer has learned. Prime Finance provided the floating-rate loan.
“Our goal in every transaction is to provide our clients with creative solutions,” said Paul Oliveri, managing director of Prime Finance. “As a lender, we like the strategic location of the portfolio, high-quality sponsorship with serious roots in the submarket and look forward to seeing them execute on their business plan.”
Walker & Dunlop‘s Adam Schwartz, Jon Schwartz, Keith Kurland, Michael Diaz and Michael Ianno brokered the deal.
“We were thrilled to close this transaction for a top-tier sponsorship team in Taconic, Triangle and Pyramid,” said Schwartz. “We look forward to watching them execute their business plan and thank Prime Finance for another smooth and successful closing.”
The two assets, DoubleTree Denver Hotel and DoubleTree Denver Central Park, located at 3203 Quebec Street and 4040 Quebec Street, respectively, are within a 1-mile radius of each other. DoubleTree Denver is located right across from United Airlines‘ recently upgraded pilot training facility.
The sponsors plan to implement various capital improvements while instituting a hotel manager from Pyramid Hotels Group to manage each asset.
Taconic Capital Advisors, Triangle Capital Group and Pyramid Hotel Group did not immediately respond to requests for comment.
Emily Fu can be reached at efu@commercialobserver.com.
