Dealmaker: Access Point Financial Secures $20M For Hotel Properties

Access Point Financial LLC, Atlanta, secured $20.2 million to refinance two hotel assets.

The firm arranged $9.2 million for Lodging Opportunity Fund REIT, Fargo, N.D., to refinance the Delta by Marriott Green Bay in Wisconsin.

Lodging Opportunity Fund REIT acquired the hotel in 2017 as a Ramada. It renovated the property to reposition it as a Marriott-branded hotel, which opened its doors as the Delta by Marriott Green Bay on February 14, 2019. The hotel is managed by an affiliate, National Hospitality Services.

“The Delta by Marriott in Green Bay has been a staple within its market since it rebranded in early 2019,” said Access Point Financial Managing Director of Business Development Lori Tirado.

Access Point had just 15 days to underwrite, approve and fund the refi loan with an existing loan scheduled to mature in late March. “The loan was being underwritten and approved simultaneously as the COVID-19 pandemic continued to evolve in the United States, with subsequent travel restrictions and social distancing policies put in place across the country, directly impacting the hotel industry,” Tirado said.

Access Point Financial also secured $11 million to renovate the Sheraton Chicago Northbrook Hotel.

The 161-room Sheraton Chicago Northbrook Hotel opened in 2008. The Chicago-based borrower acquired the property late last year.

The property is well-positioned in the market and is located five miles from Chicago Botanical Gardens and nine miles from Northwestern University, said Access Point Financial Director of Business Development Matthew Hick. He called the asset an ideal property for the area.

The new financing will fund a recapitalization and renovation of the entire property as part of Marriott’s ongoing improvement of the entire Sheraton brand. The update is expected to commence over the next several months.