BETHESDA, Md., Oct. 19, 2018 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it structured $25,000,000 in financing for Aloft
Asheville, a specialty hotel
property located in Asheville, North
Carolina. The 115-key property is owned and developed by
McKibbon Hotel Group and is centrally located in the heart of the
city.
Situated in downtown Asheville,
the Aloft hotel is within walking distance to virtually every major
tourist attraction in the city. Known for its vibrant arts scene
and historic architecture, Asheville's famous attractions include the
Basilica St. Lawrence, Grove Arcade, and the famous Orange Peel
concert hall, all of which are within a half mile of the hotel. In
addition to its prime location, Aloft Asheville has become one of
the most popular hotels in the area, outpacing its competitors over
the past several years with its consistently high occupancy and
rates.
Part of the Marriott family, Aloft Hotels are most notable for
their modern architecture and design, breaking away from the
traditional hotel mold by offering purposeful environments to
attract the next generation of travelers. The six-story property
consists of 115 guestrooms in addition to two 3,000 square-foot
retail spaces leased to the restaurant The Blackbird and the
outdoor retail outfitter Diamond
Brands. Other amenities include a 24-hour food bar, fitness
center, three bars and lounges, free Wi-Fi, and keyless hotel
access.
The Walker & Dunlop team was led by Doug Hart, Alison
Williams, and Matt Baldwin,
who specialize in the origination of debt and structured financing
solutions for all commercial real estate asset classes, including
hospitality properties. The team effectively structured the
10-year, non-recourse refinance loan at an attractive rate. The new
loan was provided by a life company lender and will be used to
retire existing debt and return equity to the sponsor.
"We were thrilled to facilitate such an exciting transaction
with an industry leader such as McKibbon. They have set the
standard in their management and development practices and we are
happy to be a partner. By offering a fresh approach to the
traditional hotel experience, Aloft Asheville is poised for
continued success in the growing market of Asheville," Mr. Hart stated.
"The Walker & Dunlop team was very helpful in arranging
McKibbon Hospitality's loan for the Aloft Asheville hotel. The
financing structure provided us the term, pricing, and flexibility
that we were looking for, and we are glad that we chose Walker
& Dunlop as our financing partner," stated Greg Henderson, vice president of finance at
McKibbon Hotel Group.
Walker & Dunlop is a leader in the commercial real estate
finance space and has been ranked within the top 50 firms on
Fortune Magazine's Fastest-Growing Companies List for two
consecutive years. The rapid growth of the company's Capital
Markets group has contributed to this ranking; in 2017, the team
closed a record $7.3 billion in total
brokered volume with over 235 different capital providers, up 75
percent from 2016. For additional information on the company's
financing solutions for hospitality properties, please view the
following press releases:
- $14.9 Million Loan Arranged by
Walker & Dunlop for EVEN Hotel in Downtown Pittsburgh's Historic Kaufman
Building
- Luxury Hotel and Resort Project in the Heart of Disney World
Receives $218.2 Million in
Construction Financing
About Walker & Dunlop
Walker & Dunlop (NYSE:
WD), headquartered in Bethesda,
Maryland, is one of the largest commercial real estate
services and finance companies in the
United States providing financing and investment
sales to owners of multifamily and commercial properties.
Walker & Dunlop, which is included in the S&P SmallCap 600
Index, has over 650 professionals in 29 offices across the nation
with an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.