Stonehill yesterday announced that it has closed 15 transactions totaling over $250 million through Q3 2017 and expects to close on an additional $100 million by year’s end. The transactions include ten bridge loans, two permanents loans, two preferred equity investments and one mezzanine loan.
“Hotel real estate continues to be a favored vehicle for investors looking to benefit from the continued strength of the industry,” said Mat Crosswy, Stonehill principal. “While growth within the industry has slowed recently, the hotel segment continues to improve. Savvy owners are taking advantage of this opportunity to invest in property upgrades, new development and/or acquisitions. Stonehill has the capacity to move quickly, providing the appropriate financing to ensure deals get completed in a timely manner.”
The transactions include:
|TownePlace Suites||Irving, Texas|
|Hilton Garden Inn||Fort Washington, Pa.|
|Hampton Inn & Suites||Tampa, Fla.|
|SpringHill Suites||Montgomery, Ala.|
|Holiday Inn||Tacoma, Wash.|
|Fairfield Inn & Suites||Birmingham, Ala.|
|Aloft and Element||Round Rock, Texas|
|Home2 Suites||Charlotte, N.C.|
|Springhill Suites||Vero Beach, Fla.|
|La Quinta Inn & Suites||Lakeway, Texas|
|SpringHill Suites||Houston, Texas|
|SpringHill Suites||Panama City Beach, Fla.|
|Courtyard by Marriott||Binghamton, N.Y.|
|Courtyard by Marriott||Buffalo, N.Y.|
|Holiday Inn Express||New Albany, Ind.|
“To keep abreast of these new projects and the influx of new business, we continue to add depth to our team,” Crosswy noted. “We recently added an industry investment veteran and two investment associates with multiple years of combined experience as we look to further service new and existing clients.”
Dana Tsakanikas joins the company as executive vice president. In his new role, Tsakanikas works closely with Crosswy to implement Stonehill’s strategic vision. With more than 25 years of commercial real estate private equity, structured finance, development and operations experience, he is responsible for managing the structuring and execution of Stonehill’s investments.
Before joining Stonehill, Tsakanikas was senior vice president for Rockbridge Capital, a commercial real estate private equity firm that makes debt and equity investments in value-added hotel transactions. Prior to joining Rockbridge, he held various positions with Hanover Financial and Heller International. Tsakanikas also has experience in ground-up development projects as well as in restructuring distressed properties in various commercial real estate asset classes. He received a Bachelor of Science from the College of William and Mary.
Both Kendall Fritchie and Corey Dutra joined the company as investment analysts and will be responsible for analysis and underwriting support during the origination and execution of Stonehill’s investments. Prior to joining Stonehill, Fritchie was an analyst with Arcus Capital Partners and recently earned her Chartered Financial Analyst (CFA) designation. Dutra is a recent graduate of Georgia Tech with a degree in Business Administration with a concentration in Finance.
Stonehill continues to seek first mortgage, mezzanine and preferred equity financing on hotel assets across the U.S. “We believe the hotel industry outlook remains positive, and we continue to support that outlook through prudent underwriting,” Crosswy added.
Stonehill is primarily focused on funding permanent loans, bridge loans, mezzanine loans and preferred equity investments backed by limited-, select-, and compact full-service hotel assets. Stonehill provides creative finance solutions for hospitality projects seeking capital to complete acquisitions, recapitalizations, refinancings, and renovations.