CooperWynn Capital, a hospitality-specific debt and equity capital markets specialist, has completed the refinancing of the Residence Inn by Marriott Pinehurst Southern Pines, located in Southern Pines, North Carolina.
The hotel was refinanced with five-year commercial mortgage-backed security financing that includes interest-only payments for the full term and an interest rate below 7 percent. This transaction provides ownership with longer-term fixed-rate financing that replaced a balance sheet loan placed during the pandemic, allowing for a complete property renovation.
“Despite current interest rates and market conditions, we were able to source several options for ownership that met all their objectives,” Stan Kozlowski, principal, CooperWynn Capital, said in a statement. “The market and location made this an attractive offer to lenders seeking to invest in high-quality assets with strong sponsorship."
The Residence Inn by Marriott Pinehurst Southern Pines has 80 guestrooms with separate living and sleeping areas as well as a fully equipped kitchen with a full-size refrigerator, stove or cooktop, dishwasher, toaster, microwave, pots, pans and dishes. The property is close to Pinehurst Resort, home of the 2024 U.S. Open. Other nearby attractions include Ft. Liberty, Pope Airfield, Aberdeen Training Field and Camp Mackall.