Miami-based Driftwood Capital has originated a $12.1 million mezzanine loan for the refinancing of a five-property, 714-key portfolio. Through its lending fund, Driftwood Lending Partners. Driftwood originated a three-year loan with two one-year extension options at a competitive interest rate.
The loan collateral is comprised of a 189-key property in Salt Lake City; a 139-key property in Norwood, Mass.; a 113-key property and a 146-key property in Bloomington, Minn.; and a 127-key property in Arlington, Texas.
“DLP continues to find opportunities to fill the void for borrowers seeking transitional financing,” Scott Melby, vice president of capital markets for Driftwood Capital. “With our vertically integrated platform, we are able to provide creative financing solutions to assist borrowers in reaching their investment goals.”
Since the fund’s launch in late 2020, DLP has participated in more than $1.4 billion in financing for hotels and sponsors throughout the U.S. The fund focuses on providing mezzanine loans and preferred equity for existing hospitality assets and ground-up hotel development projects in the U.S.