CHARLOTTE, N.C.--(BUSINESS WIRE)--Barings, one of the world’s largest diversified real estate investment managers, announced today that it has provided a $24 million loan to refinance the existing loan on the Residence Inn Tempe Downtown/University by Marriott in Tempe, Arizona. Owned by Tempe RI, LLC, an affiliate of the Finvarb Group, led by Ronny Finvarb and Richard Finvarb, the property was developed in 2013 and completed a full renovation in early 2024.
“The Finvarb Group has a strong track record of developing, operating, and owning Marriott branded hotels, and we are excited to deepen our relationship and to continue to support this asset, which we have been invested in for more than a decade,” said Tom Cross, Managing Director with Barings. “We believe the long-term outlook for hotels in fast-growing metro areas like Phoenix remains favorable -- particularly for hotels that cater to a mix of business and leisure demand -- and present an attractive lending opportunity.”
The Hotel benefits from its strategic location within walking distance to the campus of Arizona State University and the Mill Avenue District in Tempe. Just five miles west of Phoenix Sky Harbor Int’l Airport, the property contains 173 rooms, 3,620 square feet of meeting space as well as a rooftop pool and hot tub with 360-degree views of the Valley.
The financing from Barings has a five-year term. Ben Greazel and Cody Simmons of Colliers Mortgage advised the sponsorship on the financing.
This transaction expands Barings’ 23.4+ billion* real estate debt platform, which leverages the team’s broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate.
About Barings
Barings is a $431+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.
*Assets under management as of September 30, 2024
About Finvarb Group
Finvarb Group, based in Miami, is a real estate development and investment company specializing in developing mixed-use hotels and other properties in premium urban locations and in emerging and underserved markets. Finvarb Group currently owns award-winning hospitality projects, including multiple Marriott-branded hotels in Florida, Texas and Arizona, the Kimpton Palomar South Beach and the highly anticipated, nearly complete Thompson Miami Beach, among others. Finvarb Group recently acquired the iconic Macy’s South Beach, The Landon Bay Harbor, including The Palm restaurant, and an assemblage in Deerfield Beach, including JB’s on the Beach, among others. Finvarb Group focuses on creating distinctive and profitable properties that its team, partners and neighbors can all be very proud of. Ronny Finvarb and Richard Finvarb are the Principals of Finvarb Group.
About Colliers Mortgage - part of Colliers
Colliers Mortgage is uniquely equipped to meet the financing, funding and capitalization needs of clients across a wide range of commercial property types nationwide. Our services encompass acquisition, refinancing, construction, rehabilitation, equity bridge and permanent debt. Our team works together to deliver customized solutions, offering access to federal agency loan programs, commercial financing options and sourcing capital for various capitalization needs. Additionally, we service the majority of the loans we originate and currently manage a loan portfolio exceeding $16.0 billion.
