Marriott Secures $40M Loan for Tucson Asset
- Feb 19, 2019
A recently built Marriott-branded hotel in downtown Tucson, Ariz., has received $40 million in financing. AC Marriott, developed by Tucson Urban, is a 136-key hotel that was completed in 2017 and is the first to be built in the downtown area since the 1970s.
The 10-year loan was structured with an attractive interest rate and three years of interest-only payments, according to Walker & Dunlop, the firm that arranged the financing. A Walker & Dunlop team including Jim Pierson, Keaton Merrell, Alison Williams and Matt Baldwin originated the loan from a CMBS provider, on behalf of Tucson Urban.
“Despite the volatility in the CMBS market during the last two months of 2018, Walker & Dunlop delivered exceptional attention to our loan, our needs, and our timing,” said Scott Stiteler, managing partner of Tucson Urban, in prepared remarks.
The modern eight-story property offers guests amenities including a fitness center, a rooftop pool and free Wi-Fi. Located at 151 E. Broadway Blvd., the hotel is in the heart of downtown and within walking distance from a variety of shopping, dining and cultural offerings.
Another AC Marriott hotel is being developed in downtown Phoenix at Arizona Center, a 1 million-square-foot mixed-use project.
Image courtesy of Walker & Dunlop