TAMPA, Fla.--(BUSINESS WIRE)--F10 Hotels (http://f10hotels.com) has arranged $48.50 million of interim first mortgage financing to refinance TWELVE Midtown and TWELVE Downtown, located in Atlanta, Georgia. In addition to these luxury boutique properties, collateral included ground floor retail and parking.
The TWELVE Hotels were originally conceived as a truly unique all-suite product offering by Jim Borders, who built the properties in 2006 and 2007 as part of larger urban mixed-use developments. Averaging over 700 square feet, the spacious hotel rooms feature separate living and sleeping areas, as well as full-sized kitchens. The contemporary industrial design utilizes exposed structural concrete and floor-to-ceiling tinted insulating glass, along with private exterior balconies of approximately 60 square feet.
The TWELVE Hotels were purchased by Global Management & Investment in 2015. Upon completing an extensive $10 million renovation, TWELVE Midtown and TWELVE Downtown joined the Marriott Autograph Collection in 2018.
The floating rate loan was priced at LIBOR plus 250 basis points. The proceeds were used to refinance the existing acquisition facility.
“We could not be happier with the execution that F10 Hotels achieved for us,” said Global’s CEO, Sam Patel. “There are many mortgage brokers, but F10 has consistently delivered comprehensive investment banking solutions that are tailored to my specific needs.”
“The interim floating rate loan will allow these two Autograph hotels to continue to stabilize post-renovation while providing a substantially lower cost of capital than the original acquisition facility that we had also arranged for Global in 2015,” said F10’s Managing Principal, Renny Goldstein.
About F10 Hotels
F10 Hotels specializes in structuring and raising debt and equity capital for hotel transactions nationwide. With offices in Tampa, Austin and Denver, F10 solves complex financial problems by creating efficient capital solutions for clients of all sizes. Additional information may be found at http://f10hotels.com.
