BridgeInvest Funds $9.5 MM Refinance for a Courtyard by Marriott in Columbus, Ohio
1st Priority Mortgage Loan
BridgeInvest recently closed a $9.5 MM loan secured by a 150-Room Courtyard by Marriott-branded hotel in Columbus, Ohio. The property is centrally located within greater Columbus adjacent to the Buckeye Yard, an impressive logistics node, and within a short drive of Downtown Columbus and The Ohio State University. The hotel underwent a $2.7 MM renovation in 2017 and features an open-atrium, restaurant and lounge and 5,000 SF of meeting space. The loan allows the Sponsor to refinance its current loan and stabilize the property’s performance before obtaining longer-term financing.
Transaction Highlights
Complex Capital Structure
BridgeInvest worked in concert with multiple parties throughout the capital stack to close the transaction.
Market Expansion
This deal marks BridgeInvest’s first loan in Columbus, a strong market with continued growth in population, income levels and job growth. BridgeInvest looks to continue its strategic expansion into the greater Central United States, including the Midwest.
Deep Hospitality Knowledge
BridgeInvest leveraged its direct hospitality experience to project the asset’s future cash flow potential and lend based on the property’s stabilized value.
