Benefit Street Partners Leads $47M Refinance Loan for Tampa Hotel
Beach Point Capital Management and The LCP Group originate $15.7 million mezzanine loan as part of deal.
By Andrew Coen October 30, 2023 12:35 pm
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A joint venture partnership between Crescent Real Estate and Arden Group has nabbed a $47 million debt package to refinance a Marriott-branded hotel in Tampa, Fla., Commercial Observer has learned.
Benefit Street Partners provided a $31.3 million first-mortgage loan on the 325-key The Westshore Grand hotel. Beach Point Capital Management and The LCP Group co-originated a $15.7 million mezzanine loan for the deal. Both loan terms are for three years with two one-year extension options.
“This was a low leverage senior loan on a high quality asset in a market we believe is one of the top in the country,” Michael Comparato, president of Franklin BSP Realty Trust (formerly Benefit Street Partners Realty Trust), said in a statement. “Florida continues to be a state that will benefit long-term from the migration patterns we have witnessed for quite some time.”
Newmark (NMRK) arranged the transaction with a team led by Dustin Stolly, Jordan Roeschlaub and Nick Scribani.
The financing package replaces an existing $53.5 million loan that PCCP supplied for a recapitalization of the hotel. Located at 4860 West Kennedy Boulevard, the 1984-built hotel has amenities that include 14,321 square feet of meeting and event space, a rooftop swimming pool, a fitness center and an attached parking garage.
Officials at The LCP Group, Crescent Real Estate and Arden Group did not immediately return requests for comment. Beach Point Capital Management declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
