Meridian Secures Financing for Tallahassee Hotel
- Nov 06, 2017
Meridian Capital Group arranged $5.3 million in debt financing for the repositioning of Wyndham Garden Tallahassee Capitol, a 148-key hotel in Tallahassee, Fla. AD1 Global, a hotel investment, acquisition and development company, purchased the asset in October.
The two-year loan features a LIBOR-based rate, full-term interest-only payments and one 12-month extension option. An entity affiliated with C-III Capital Partners provided the short-term mortgage.
Located at 1355 Apalachee Parkway, the four-story hotel was completed in 1972 and underwent a series of improvements in 2014. Amenities at the property include an outdoor pool, 24-hour fitness center, restaurant, concierge and laundry services, banquet facilities, bar, free Wi-Fi and on-site parking.
Managing Director Noam Kaminetzky negotiated the mortgage that will facilitate the renovation scheduled to take place this year.
“Thanks to Meridian’s long-term relationship with the lender, we were able to secure a deal that provided the lender with sufficient financial protections and coverage checkpoints, while still giving the borrower the flexibility to execute their business plan and reposition this previously underperforming hospitality asset,” said Kaminetzky, in a prepared statement.
Situated in the state capital, Wyndham Garden Tallahassee Capitol is within close proximity to the Florida State Capitol, Florida State University and Tallahassee Memorial HealthCare. Additionally, the location provides access to several museums, restaurants, shopping venues and outdoor activities.
Image courtesy of AD1 Global