NC Aloft Hotel Lands $25M Refi

Walker & Dunlop structured the 10-year, non-recourse refinance loan for the 115-key Aloft Asheville, working on behalf of McKibbon Hospitality, the property’s owner and developer.
Aloft Asheville

McKibbon Hospitality has secured $25 million in financing for Aloft Asheville, a 115-key hotel in Asheville, N.C. Walker & Dunlop structured the 10-year, non-recourse refinance loan on behalf of the property’s owner and developer. The financing will be used to retire existing debt and return equity to McKibbon. 

Located at 51 Biltmore Ave., the six-story building also offers two 3,000-square-foot retail spaces that are leased to the restaurant The Blackbird and retailer Diamond Brands. Additional amenities of the pet-friendly hotel include a 24-hour food bar, a Splash outdoor pool, car rental, a business center, three bars and lounges, valet dry-cleaning, re:Fuel dining area, keyless hotel access, the signature fitness center Re:charge gym and free Wi-Fi. 

The Walker & Dunlop team arranging the financing were Vice Presidents Doug Hart, Alison Williams and Matt Baldwin. “By offering a fresh approach to the traditional hotel experience, Aloft Asheville is poised for continued success in the growing market of Asheville,” said Hart in a prepared statement. 

Nearby attractions of Aloft Asheville include the Basilica St. Lawrence, Orange Peel concert hall and the Grove Arcade, in addition to its arts scene and historic architecture. Asheville Regional Airport is also located 14 miles away. 

Last year, Walker & Dunlop closed a $14.9 million construction loan with Orix USA for EVEN Hotel, located in the historic Kaufmann’s department store building in downtown Pittsburgh. 

Image via Google Street View