Meridian Capital Group, America’s most active deal maker, negotiated $9.5 million in bridge financing for the purchase of the Candlewood Suites Fort Myers – Sanibel Gateway hotel, located in Fort Myers, FL.
The three-year loan, provided by a regional bridge lender, features a floating rate of 5.10% over the 30-day LIBOR rate and full-term interest-only payments. This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, who is based in the company’s Boca Raton, FL office.
The Candlewood Suites Fort Myers-Sanibel Gateway, located at 9740 Commerce Center Street, is a four-story, 120-room extended stay hotel in the historic coastal town of Fort Myers. Hotel amenities include a business center, a laundry facility, a 24-hour fitness center and a heated outdoor pool. Candlewood Suites is one of InterContinental Hotels Group’s extended-stay brands in the Americas region. Guests enjoy close proximity to Fort Myers’ pristine beaches and a 10-mile drive from Sanibel and Captiva. The hotel is a short distance from Zoomers Amusement Park, Smugglers Cove Adventure Golf, and the Beach Bowl and Pelican’s Arcade.
“Despite lenders hesitancy in hotel financing, Meridian leveraged its banking relationships to secure an initial funding of 73.5% loan to purchase price, as well as additional funding toward the sponsor’s $1.4 million property improvement plan,” said Mr. Kaminetzky.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2016, Meridian closed $35 billion in loan volume and sold over $2 billion in commercial properties. Since inception, the company has closed more than $270 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com